Chartwell Investment Partners LLC Has $2.04 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Chartwell Investment Partners LLC decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,046 shares of the company’s stock after selling 1,937 shares during the quarter. Chartwell Investment Partners LLC’s holdings in DraftKings were worth $2,040,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its holdings in DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares during the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after buying an additional 286 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of 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 buying an additional 320 shares in the last quarter. Brown Lisle Cummings Inc. lifted its holdings in shares of DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after buying an additional 325 shares in the last quarter. Finally, HighMark Wealth Management LLC lifted its holdings in shares of DraftKings by 18.3% during the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after buying an additional 329 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a 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 in the company, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,020,536 shares of company stock worth $39,966,465 over the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

NASDAQ:DKNG opened at $41.71 on Wednesday. The stock has a market cap of $36.64 billion, a P/E ratio of -47.40 and a beta of 1.82. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock’s 50-day moving average is $37.83 and its 200-day moving average is $37.92. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 42.13%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. Equities research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a research note on Tuesday, September 10th. Mizuho boosted their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $50.64.

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.