DraftKings Inc. $DKNG is Morangie Management LLC’s 4th Largest Position

Morangie Management LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 12.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 329,733 shares of the company’s stock after selling 46,807 shares during the quarter. DraftKings accounts for approximately 9.0% of Morangie Management LLC’s investment portfolio, making the stock its 4th biggest holding. Morangie Management LLC’s holdings in DraftKings were worth $11,363,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC grew its holdings in shares of DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after acquiring an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after acquiring an additional 40,495 shares during the period. Empowered Funds LLC lifted its holdings in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after acquiring an additional 1,391 shares during the period. Sivia Capital Partners LLC purchased a new position in DraftKings in the second quarter worth $603,000. Finally, Prudential Financial Inc. boosted its position in DraftKings by 57.7% in the second quarter. Prudential Financial Inc. now owns 27,698 shares of the company’s stock worth $1,146,000 after purchasing an additional 10,134 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, Director Jocelyn Moore sold 2,150 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.60, for a total transaction of $55,040.00. Following the sale, the director directly owned 1,406 shares in the company, valued at approximately $35,993.60. The trade was a 60.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total value of $70,806.48. Following the sale, the chief accounting officer directly owned 38,168 shares in the company, valued at $937,406.08. This trade represents a 7.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 549,495 shares of company stock valued at $14,166,700. 51.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on DKNG shares. Texas Capital upgraded DraftKings to a “hold” rating in a research note on Thursday, January 8th. Stifel Nicolaus lowered their target price on DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Berenberg Bank set a $26.40 price target on shares of DraftKings in a report on Tuesday, February 24th. Susquehanna reduced their price target on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a research report on Tuesday. Finally, Oppenheimer decreased their price objective on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a report on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.91.

DraftKings Stock Up 4.5%

DKNG opened at $23.16 on Friday. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a market cap of $11.48 billion, a PE ratio of -579.00, a price-to-earnings-growth ratio of 0.89 and a beta of 1.68. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The company has a 50 day moving average of $24.81 and a 200 day moving average of $31.03.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.