Cypress Capital Management LLC WY Sells 1,510 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cypress Capital Management LLC WY decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 25,723 shares of the company’s stock after selling 1,510 shares during the period. DraftKings accounts for approximately 1.1% of Cypress Capital Management LLC WY’s portfolio, making the stock its 29th biggest position. Cypress Capital Management LLC WY’s holdings in DraftKings were worth $957,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth approximately $30,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings in the third quarter valued at $43,000. V Square Quantitative Management LLC acquired a new position in DraftKings during the third quarter worth $46,000. Creative Financial Designs Inc. ADV raised 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 worth $47,000 after acquiring an additional 320 shares in the last quarter. Finally, Toth Financial Advisory Corp acquired a new stake in DraftKings in the fourth quarter valued at $58,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on DKNG shares. Susquehanna lowered their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company boosted their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Benchmark restated a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research note on Tuesday, January 7th. Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Macquarie increased their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The shares were 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 directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings 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 directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 963,742 shares of company stock worth $38,082,888. Corporate insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $42.73 on Friday. The business has a fifty day moving average price of $40.50 and a two-hundred day moving average price of $38.19. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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 firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. On average, equities research analysts anticipate that DraftKings Inc. will post -0.93 EPS for the current year.

DraftKings 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.