Hexagon Capital Partners LLC Sells 361 Shares of DraftKings Inc. (NASDAQ:DKNG)

Hexagon Capital Partners LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG) by 20.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,365 shares of the company’s stock after selling 361 shares during the quarter. Hexagon Capital Partners LLC’s holdings in DraftKings were worth $62,000 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. Winthrop Advisory Group LLC raised its position in DraftKings by 2.4% in the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after buying an additional 244 shares during the last quarter. ST Germain D J Co. Inc. lifted its position in DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after purchasing an additional 250 shares during the period. Fifth Third Bancorp boosted its holdings in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC grew its position in DraftKings by 4.4% in the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares during the period. Finally, Stratos Wealth Advisors LLC raised its stake in DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock valued at $363,000 after buying an additional 381 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $37.30 on Tuesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The business’s 50 day moving average price is $40.60 and its 200-day moving average price is $40.61. The company has a market cap of $32.42 billion, a P/E ratio of -31.61 and a beta of 1.81. DraftKings Inc. has a fifty-two week low of $24.97 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.87) EPS. Sell-side analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total value of $25,972,998.70. Following the transaction, the insider now owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Insiders sold a total of 1,520,340 shares of company stock valued at $60,996,583 in the last three months. Company insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DKNG. BMO Capital Markets lifted their price objective on DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. Berenberg Bank raised shares of DraftKings to a “hold” rating in a research report on Friday, May 31st. Moffett Nathanson increased their price objective on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. UBS Group boosted their target price on shares of DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Finally, Wells Fargo & Company dropped their price target on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 25th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.17.

DraftKings Company Profile

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.