Polar Asset Management Partners Inc. Sells 2,200 Shares of DraftKings Inc. (NASDAQ:DKNG)

Polar Asset Management Partners Inc. lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.3% during the third quarter, Holdings Channel reports. The fund owned 164,500 shares of the company’s stock after selling 2,200 shares during the period. Polar Asset Management Partners Inc.’s holdings in DraftKings were worth $6,448,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Alta Advisers Ltd bought a new stake in DraftKings during the 2nd quarter worth about $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings during the 2nd quarter worth about $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings during the 2nd quarter worth about $46,000. V Square Quantitative Management LLC bought a new stake in DraftKings during the 3rd quarter worth about $46,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in DraftKings during the 2nd quarter worth about $47,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on DKNG shares. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. Morgan Stanley upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Susquehanna upped their target price on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Mizuho upped their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.04.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 735,246 shares of company stock worth $29,902,158. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $44.77 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $39.43 billion, a P/E ratio of -50.88 and a beta of 1.87. The company’s 50 day moving average price is $39.62 and its two-hundred day moving average price is $37.90. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

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.