DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Mount Lucas Management LP

Mount Lucas Management LP raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,291 shares of the company’s stock after purchasing an additional 618 shares during the period. Mount Lucas Management LP’s holdings in DraftKings were worth $1,031,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. LRI Investments LLC purchased a new position in shares of DraftKings during the 1st quarter valued at approximately $31,000. Alta Advisers Ltd purchased a new position in DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the second quarter valued at about $39,000. St. Johns Investment Management Company LLC acquired a new stake in shares of DraftKings in the second quarter valued at about $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of DraftKings during the third quarter worth about $46,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Down 3.2 %

Shares of DKNG opened at $39.84 on Friday. The company’s 50-day moving average price is $38.35 and its 200 day moving average price is $37.91. 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 1.11 and a debt-to-equity ratio of 1.17. The firm has a market cap of $35.00 billion, a P/E ratio of -45.27 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last released 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 company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, sell-side analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on DKNG. Barclays raised their price target on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Oppenheimer reduced their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Wells Fargo & Company lifted their target price on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated 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 of the company’s stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $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 have sold 1,020,536 shares of company stock worth $39,966,465 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

About DraftKings

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.