Connor Clark & Lunn Investment Management Ltd. Buys 186,971 Shares of DraftKings Inc. (NASDAQ:DKNG)

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 37.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 683,942 shares of the company’s stock after buying an additional 186,971 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of DraftKings worth $25,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $37,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings during the third quarter valued at approximately $43,000. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $48,000. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus boosted their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. TD Cowen reduced their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Finally, Barclays boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Stock Down 0.1 %

Shares of DKNG opened at $38.63 on Thursday. The firm has a market capitalization of $18.93 billion, a P/E ratio of -36.44, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a fifty day moving average price of $42.12 and a 200-day moving average price of $40.09.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares of the company’s stock, valued at $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock worth $108,506,588 over the last three months. 51.19% of the stock is owned by corporate 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.