AXQ Capital LP Has $224,000 Stock Position in DraftKings Inc. (NASDAQ:DKNG)

AXQ Capital LP lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 67.1% during the fourth quarter, Holdings Channel reports. The fund owned 6,027 shares of the company’s stock after selling 12,303 shares during the quarter. AXQ Capital LP’s holdings in DraftKings were worth $224,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. acquired a new stake in DraftKings during the 4th quarter worth about $246,765,000. Contrarius Group Holdings Ltd acquired a new stake in shares of DraftKings during the fourth quarter worth approximately $58,397,000. Fred Alger Management LLC grew its position in DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. FMR LLC increased its stake in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after buying an additional 826,626 shares during the period. Finally, Blue Whale Capital LLP lifted its position in DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after buying an additional 615,011 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock opened at $40.52 on Tuesday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market capitalization of $19.85 billion, a P/E ratio of -38.23, a P/E/G ratio of 1.43 and a beta of 2.07. The stock has a 50 day moving average of $42.18 and a two-hundred day moving average of $40.34. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued 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%. As a group, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares of the company’s stock, valued at approximately $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,663,966 shares of company stock worth $112,550,362. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DKNG. BTIG Research set a $59.00 price target on shares of DraftKings in a research note on Monday, February 3rd. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Stifel Nicolaus lifted their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Truist Financial increased their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Finally, Barclays lifted their target price on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.44.

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.