Evolutionary Tree Capital Management LLC Sells 2,706 Shares of DraftKings Inc. (NASDAQ:DKNG)

Evolutionary Tree Capital Management LLC decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,127 shares of the company’s stock after selling 2,706 shares during the quarter. DraftKings comprises about 2.5% of Evolutionary Tree Capital Management LLC’s investment portfolio, making the stock its 20th largest position. Evolutionary Tree Capital Management LLC’s holdings in DraftKings were worth $2,423,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after acquiring an additional 584,452 shares during the last quarter. FMR LLC boosted its holdings in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares during the period. Geode Capital Management LLC increased its position in shares of DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after purchasing an additional 89,988 shares during the last quarter. Norges Bank bought a new stake in DraftKings in the fourth quarter worth $276,328,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock worth $252,867,000 after buying an additional 1,036,763 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

NASDAQ:DKNG opened at $34.22 on Friday. The firm’s fifty day moving average is $40.10 and its two-hundred day moving average is $39.89. The firm has a market cap of $17.11 billion, a price-to-earnings ratio of -32.28, a PEG ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on DKNG. JPMorgan Chase & Co. raised their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. BTIG Research set a $59.00 price target on DraftKings in a report on Monday, February 3rd. Barclays boosted their price objective on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, TD Cowen reduced their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $55.04.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,575,525 shares of company stock valued at $109,441,446. Corporate insiders own 47.08% 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.