Hollencrest Capital Management Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Hollencrest Capital Management trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 49.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,815 shares of the company’s stock after selling 2,705 shares during the quarter. Hollencrest Capital Management’s holdings in DraftKings were worth $105,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DKNG. Principal Financial Group Inc. lifted its position in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of DraftKings during the third quarter valued at about $355,000. Atria Investments Inc purchased a new stake in shares of DraftKings during the third quarter valued at about $215,000. Future Fund LLC purchased a new position in shares of DraftKings in the 3rd quarter valued at approximately $736,000. Finally, Oppenheimer Asset Management Inc. raised its position in shares of DraftKings by 79.1% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock valued at $1,041,000 after purchasing an additional 11,734 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 0.1 %

Shares of NASDAQ:DKNG opened at $38.63 on Thursday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of -36.44, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The business’s 50 day moving average price is $42.12 and its 200-day moving average price is $40.09.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on DKNG. Wells Fargo & Company increased their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Canaccord Genuity Group increased their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Barclays increased their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Finally, Benchmark increased their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.44.

Insider Activity

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,558,412 shares of company stock worth $108,506,588 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.