Anthracite Investment Company Inc. Cuts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Anthracite Investment Company Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 63.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,850 shares of the company’s stock after selling 49,376 shares during the quarter. Anthracite Investment Company Inc.’s holdings in DraftKings were worth $1,092,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DKNG. LRI Investments LLC purchased a new position in shares of DraftKings in the first quarter worth about $31,000. Alta Advisers Ltd purchased a new position in DraftKings in the 2nd quarter worth approximately $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the 2nd quarter worth approximately $39,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings during the 3rd quarter worth approximately $46,000. Finally, Creative Financial Designs Inc. ADV grew its position in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. This represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 820,536 shares of company stock valued at $32,916,465 over the last 90 days. 48.94% of the stock is owned by corporate insiders.

DraftKings Stock Performance

NASDAQ:DKNG opened at $43.21 on Wednesday. The company has a market cap of $38.05 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a fifty day simple moving average of $38.61 and a two-hundred day simple moving average of $37.89.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate 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, equities analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of analyst reports. BMO Capital Markets reiterated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. TD Cowen boosted their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Truist Financial restated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. 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. Finally, Mizuho increased their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

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.