DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 238.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 496,971 shares of the company’s stock after purchasing an additional 350,215 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in DraftKings were worth $19,481,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in DKNG. O Shaughnessy Asset Management LLC increased its stake in DraftKings by 18.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 11,267 shares of the company’s stock valued at $512,000 after purchasing an additional 1,776 shares during the last quarter. UniSuper Management Pty Ltd grew its position in shares of DraftKings by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 6,000 shares of the company’s stock valued at $272,000 after buying an additional 3,000 shares during the last quarter. CreativeOne Wealth LLC acquired a new stake in DraftKings during the 1st quarter worth $297,000. Advisors Asset Management Inc. lifted its position in DraftKings by 34.3% in the first quarter. Advisors Asset Management Inc. now owns 21,013 shares of the company’s stock valued at $954,000 after acquiring an additional 5,368 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC boosted its stake in DraftKings by 6.3% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 15,145 shares of the company’s stock valued at $688,000 after acquiring an additional 895 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

DraftKings stock opened at $43.80 on Thursday. 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 firm has a market capitalization of $38.57 billion, a PE ratio of -49.77 and a beta of 1.82. The firm’s 50-day simple moving average is $38.71 and its 200 day simple moving average is $37.93. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, equities research analysts predict that DraftKings Inc. will post -0.73 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 820,536 shares of company stock valued at $32,916,465 over the last three months. 48.94% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on DKNG. Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. JMP Securities increased their price target on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research note on Monday, November 11th. Finally, UBS Group lifted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.