Elo Mutual Pension Insurance Co Sells 5,176 Shares of DraftKings Inc. (NASDAQ:DKNG)

Elo Mutual Pension Insurance Co trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 13.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,566 shares of the company’s stock after selling 5,176 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in DraftKings were worth $1,249,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Stonebridge Financial Group LLC bought a new stake in DraftKings in the 4th quarter valued at $28,000. Synergy Asset Management LLC acquired a new position in shares of DraftKings during the fourth quarter valued at about $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $37,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings during the third quarter worth about $43,000. Finally, YANKCOM Partnership bought a new position in DraftKings during the fourth quarter valued at about $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Down 4.7 %

DKNG opened at $35.29 on Monday. The firm has a 50 day simple moving average of $42.01 and a 200 day simple moving average of $40.36. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a market cap of $17.64 billion, a price-to-earnings ratio of -33.29, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of recent research reports. Truist Financial upped their target price on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Stifel Nicolaus increased their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. BTIG Research set a $59.00 target price on shares of DraftKings in a research report on Monday, February 3rd. JMP Securities reissued a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Finally, Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Insiders own 51.19% of the company’s stock.

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.