Next Century Growth Investors LLC Sells 1,026 Shares of DraftKings Inc. (NASDAQ:DKNG)

Next Century Growth Investors LLC decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.9% during the second quarter, Holdings Channel.com reports. The fund owned 25,456 shares of the company’s stock after selling 1,026 shares during the quarter. Next Century Growth Investors LLC’s holdings in DraftKings were worth $1,328,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Achmea Investment Management B.V. raised its position in shares of DraftKings by 88,968.0% during the second quarter. Achmea Investment Management B.V. now owns 10,011,240 shares of the company’s stock valued at $12,450,000 after buying an additional 10,000,000 shares during the last quarter. ARK Investment Management LLC raised its position in shares of DraftKings by 211.5% during the second quarter. ARK Investment Management LLC now owns 13,628,251 shares of the company’s stock valued at $710,986,000 after buying an additional 9,252,827 shares during the last quarter. BlackRock Inc. grew its holdings in shares of DraftKings by 62.0% in the second quarter. BlackRock Inc. now owns 13,551,080 shares of the company’s stock valued at $706,960,000 after purchasing an additional 5,184,055 shares in the last quarter. Nikko Asset Management Americas Inc. grew its holdings in shares of DraftKings by 108.6% in the second quarter. Nikko Asset Management Americas Inc. now owns 7,100,563 shares of the company’s stock valued at $371,146,000 after purchasing an additional 3,696,004 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of DraftKings by 94.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 7,580,430 shares of the company’s stock valued at $395,471,000 after purchasing an additional 3,675,608 shares in the last quarter. Institutional investors own 61.91% of the company’s stock.

Several research analysts have commented on the stock. The Goldman Sachs Group dropped their price objective on shares of DraftKings from $77.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 28th. Roth Capital assumed coverage on shares of DraftKings in a research note on Tuesday. They set a “sell” rating and a $41.00 price objective for the company. Benchmark lifted their target price on DraftKings from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, August 9th. Northland Securities lifted their target price on DraftKings from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, August 9th. Finally, Oppenheimer started coverage on DraftKings in a research report on Wednesday, July 7th. They set a “buy” rating and a $80.00 target price for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $68.05.

In related news, Director John S. Salter sold 656,085 shares of the company’s stock in a transaction on Wednesday, September 1st. The stock was sold at an average price of $60.81, for a total value of $39,896,528.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Shalom Meckenzie sold 21,675 shares of the company’s stock in a transaction on Friday, July 23rd. The shares were sold at an average price of $50.00, for a total value of $1,083,750.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,770,961 shares of company stock worth $262,063,658. Company insiders own 62.00% of the company’s stock.

DKNG traded up $1.32 during trading on Thursday, hitting $51.14. 99,075 shares of the stock were exchanged, compared to its average volume of 12,794,751. The firm has a market capitalization of $20.62 billion, a P/E ratio of -15.10 and a beta of 2.10. DraftKings Inc. has a 1-year low of $34.90 and a 1-year high of $74.38. The stock has a fifty day moving average price of $54.68 and a two-hundred day moving average price of $52.93. The company has a quick ratio of 4.72, a current ratio of 4.72 and a debt-to-equity ratio of 0.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, August 6th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.61) by ($0.15). DraftKings had a negative net margin of 118.88% and a negative return on equity of 55.33%. The company had revenue of $297.61 million during the quarter, compared to analysts’ expectations of $240.84 million. Analysts predict that DraftKings Inc. will post -3.18 EPS for the current year.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

See Also: What are the Benefits of Index Funds?

Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG).

Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

Receive News & Ratings for DraftKings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DraftKings and related companies with MarketBeat.com's FREE daily email newsletter.