Carnegie Investment Counsel Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Carnegie Investment Counsel lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 76.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 57,725 shares of the company’s stock after selling 184,375 shares during the quarter. 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 recently modified their holdings of DKNG. Marshall Wace LLP grew its position in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Fred Alger Management LLC grew its holdings 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 valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new stake in DraftKings during the 2nd quarter worth approximately $39,306,000. AQR Capital Management LLC increased its stake in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after buying an additional 870,789 shares during the period. Finally, FMR LLC lifted its holdings in DraftKings by 14.7% during 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 in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DKNG. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upped their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. JMP Securities reduced their price target on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Finally, Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,052,183 shares of company stock worth $41,303,025. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of DKNG stock opened at $39.29 on Friday. The stock’s 50-day moving average price is $40.67 and its 200 day moving average price is $37.95. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $34.60 billion, a PE ratio of -44.65, a price-to-earnings-growth ratio of 2.99 and a beta of 1.90. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its 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). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, equities research analysts forecast that DraftKings Inc. will post -0.83 EPS for the current 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.