DraftKings Inc. (NASDAQ:DKNG) Stake Cut by Wolff Wiese Magana LLC

Wolff Wiese Magana LLC reduced its holdings in DraftKings Inc. (NASDAQ:DKNG) by 17.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,867 shares of the company’s stock after selling 395 shares during the quarter. Wolff Wiese Magana LLC’s holdings in DraftKings were worth $69,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of DKNG. Park Avenue Securities LLC lifted its stake in DraftKings by 5.7% during the fourth quarter. Park Avenue Securities LLC now owns 36,662 shares of the company’s stock valued at $1,364,000 after buying an additional 1,966 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of DraftKings by 172.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company’s stock worth $13,540,000 after acquiring an additional 230,252 shares during the last quarter. Oak Thistle LLC grew its stake in shares of DraftKings by 104.8% in the 4th quarter. Oak Thistle LLC now owns 28,700 shares of the company’s stock valued at $1,068,000 after buying an additional 14,688 shares in the last quarter. Claro Advisors LLC raised its holdings in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares in the last quarter. Finally, Grassi Investment Management lifted its holdings in DraftKings by 16.4% in the 4th quarter. Grassi Investment Management now owns 29,500 shares of the company’s stock worth $1,097,000 after purchasing an additional 4,150 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Susquehanna cut their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.08.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $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 ninety days, insiders sold 1,052,183 shares of company stock worth $41,303,025. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Up 3.3 %

DKNG stock opened at $41.33 on Wednesday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The stock has a fifty day moving average of $40.64 and a 200-day moving average of $37.93. The company has a market capitalization of $36.40 billion, a price-to-earnings ratio of -46.97 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities research analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current year.

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.