Lake Street Advisors Group LLC Lowers Stake in DraftKings Inc. (NASDAQ:DKNG)

Lake Street Advisors Group LLC lessened its stake in DraftKings Inc. (NASDAQ:DKNGFree Report) by 4.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 220,194 shares of the company’s stock after selling 10,800 shares during the period. Lake Street Advisors Group LLC’s holdings in DraftKings were worth $6,483,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BOKF NA purchased a new position in DraftKings in the second quarter valued at $27,000. Parkside Financial Bank & Trust raised its holdings in shares of DraftKings by 233.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after purchasing an additional 710 shares in the last quarter. Acadian Asset Management LLC purchased a new position in DraftKings in the third quarter valued at $45,000. CI Investments Inc. raised its stake in DraftKings by 55.9% in the third quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock valued at $49,000 after buying an additional 599 shares in the last quarter. Finally, Impact Partnership Wealth LLC acquired a new position in shares of DraftKings during the 3rd quarter worth about $50,000. Hedge funds and other institutional investors own 32.84% of the company’s stock.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,323,220 shares of company stock worth $92,005,241. 55.92% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank Of America (Bofa) boosted their target price on DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Barclays raised shares of DraftKings from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $41.00 to $50.00 in a report on Friday, February 23rd. Oppenheimer lifted their price objective on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Stifel Nicolaus raised DraftKings from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $45.00 in a research note on Friday, January 19th. Finally, Truist Financial reaffirmed a “buy” rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.48.

View Our Latest Report on DraftKings

DraftKings Stock Up 3.5 %

NASDAQ:DKNG traded up $1.51 on Monday, hitting $45.04. 8,979,915 shares of the stock were exchanged, compared to its average volume of 12,836,236. DraftKings Inc. has a fifty-two week low of $17.02 and a fifty-two week high of $45.62. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a fifty day moving average of $38.69 and a 200-day moving average of $34.33.

DraftKings (NASDAQ:DKNGGet Free Report) last issued its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the business posted ($0.53) EPS. The business’s revenue was up 43.9% on a year-over-year basis. As a group, equities analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

About DraftKings

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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