Connor Clark & Lunn Investment Management Ltd. Purchases 186,971 Shares of DraftKings Inc. (NASDAQ:DKNG)

Connor Clark & Lunn Investment Management Ltd. boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 37.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 683,942 shares of the company’s stock after acquiring an additional 186,971 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in DraftKings were worth $25,443,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the fourth quarter valued at about $246,765,000. FMR LLC increased its holdings in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after acquiring an additional 236,427 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock valued at $108,506,588 in the last three months. 51.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Benchmark upped their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Truist Financial upped their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Stifel Nicolaus upped their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, Cowen reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Down 0.1 %

NASDAQ DKNG opened at $38.63 on Thursday. The business has a fifty day moving average price of $42.12 and a 200 day moving average price of $40.09. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company has a market cap of $18.93 billion, a P/E ratio of -36.44, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Research analysts anticipate that DraftKings Inc. will post 0.64 EPS 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.