Mount Lucas Management LP Buys 618 Shares of DraftKings Inc. (NASDAQ:DKNG)

Mount Lucas Management LP raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 2.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,291 shares of the company’s stock after buying an additional 618 shares during the period. Mount Lucas Management LP’s holdings in DraftKings were worth $1,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in DKNG. Empowered Funds LLC bought a new position in DraftKings in the first quarter worth approximately $241,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of DraftKings by 17.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 221,510 shares of the company’s stock worth $10,059,000 after buying an additional 33,068 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in shares of DraftKings by 284.4% during the 1st quarter. Jupiter Asset Management Ltd. now owns 118,410 shares of the company’s stock worth $5,377,000 after buying an additional 87,608 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after buying an additional 747,937 shares during the period. Finally, Ontario Teachers Pension Plan Board raised its holdings in shares of DraftKings by 24.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 43,476 shares of the company’s stock valued at $1,974,000 after acquiring an additional 8,443 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on DKNG shares. Benchmark reissued a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. The Goldman Sachs Group cut their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Morgan Stanley boosted their price objective on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company increased their target price on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, TD Cowen boosted their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

DraftKings Trading Down 3.2 %

Shares of NASDAQ:DKNG opened at $39.84 on Friday. The business has a 50-day moving average price of $38.35 and a 200-day moving average price of $37.91. The stock has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

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

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock worth $39,966,465 over the last three months. Company 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.