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

Carnegie Investment Counsel lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 52.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 242,100 shares of the company’s stock after selling 262,575 shares during the period. Carnegie Investment Counsel’s holdings in DraftKings were worth $9,490,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. RDA Financial Network bought a new stake in shares of DraftKings in the 1st quarter worth $232,000. Sanctuary Advisors LLC bought a new position in shares of DraftKings during the second quarter valued at $1,530,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after purchasing an additional 31,880 shares in the last quarter. LRI Investments LLC bought a new position in shares of DraftKings during the first quarter valued at $31,000. Finally, Atwood & Palmer Inc. lifted its holdings in shares of DraftKings by 4.0% during the third quarter. Atwood & Palmer Inc. now owns 515,075 shares of the company’s stock valued at $20,191,000 after purchasing an additional 19,887 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Up 1.1 %

DraftKings stock opened at $38.44 on Friday. The stock has a market cap of $33.77 billion, a P/E ratio of -43.19 and a beta of 1.81. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The firm’s 50 day moving average price is $36.08 and its 200-day moving average price is $38.90.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share. On average, equities analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DKNG. JPMorgan Chase & Co. upped their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a report on Tuesday, September 10th. Barclays increased their target price on DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Susquehanna boosted their price target on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.89.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,195,301 shares of company stock worth $45,355,362 over the last quarter. 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.