Connor Clark & Lunn Investment Management Ltd. Acquires 350,215 Shares of DraftKings Inc. (NASDAQ:DKNG)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 238.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 496,971 shares of the company’s stock after purchasing an additional 350,215 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of DraftKings worth $19,481,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in DKNG. LRI Investments LLC purchased a new position in DraftKings in the first quarter worth about $31,000. Alta Advisers Ltd purchased a new stake in DraftKings during the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings in the second quarter worth $39,000. V Square Quantitative Management LLC purchased a new position in DraftKings during the third quarter worth $46,000. Finally, Creative Financial Designs Inc. ADV increased its position in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Finally, Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $50.85.

DraftKings Stock Up 1.4 %

Shares of NASDAQ DKNG opened at $43.80 on Thursday. The company has a market capitalization of $38.57 billion, a P/E ratio of -49.77 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day simple moving average of $38.71 and a 200-day simple moving average of $37.93. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, equities research analysts predict that DraftKings Inc. will post -0.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The trade was a 3.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 820,536 shares of company stock valued at $32,916,465 over the last 90 days. 48.94% of the stock is owned by company insiders.

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.