DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 76.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,725 shares of the company’s stock after selling 184,375 shares during the period. Carnegie Investment Counsel’s holdings in DraftKings were worth $2,147,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Marshall Wace LLP raised its stake in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after acquiring an additional 3,269,932 shares during the last quarter. Fred Alger Management LLC raised its stake in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. Blue Whale Capital LLP acquired a new stake in shares of DraftKings during the second quarter worth about $39,306,000. AQR Capital Management LLC boosted its position in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares during the last quarter. Finally, FMR LLC increased its holdings in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on DKNG. JMP Securities dropped their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. increased 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. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Barclays upped their target price on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Finally, TD Cowen lifted their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.08.

Insider Activity

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Down 1.0 %

DKNG stock opened at $39.29 on Friday. The company has a market cap of $34.60 billion, a price-to-earnings ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The firm has a 50-day moving average of $40.67 and a two-hundred day moving average of $37.95. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company 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%. As a group, analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current fiscal 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.