Ieq Capital LLC Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Ieq Capital LLC lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 179,667 shares of the company’s stock after selling 9,641 shares during the period. Ieq Capital LLC’s holdings in DraftKings were worth $6,684,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Mizuho Securities USA LLC acquired a new stake in DraftKings during the 3rd quarter valued at approximately $28,028,000. Janney Montgomery Scott LLC lifted its stake in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after acquiring an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after acquiring an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Down 2.6 %

Shares of DKNG opened at $49.44 on Friday. The stock has a 50 day moving average price of $41.30 and a 200 day moving average price of $39.18. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $24.22 billion, a price-to-earnings ratio of -46.64, a PEG ratio of 2.06 and a beta of 1.93. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 47.48%. Equities research analysts forecast that DraftKings Inc. will post 0.46 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Friday, February 14th. Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Macquarie raised their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their price target on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Truist Financial upped their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.69.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction 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 represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,160,591 shares of company stock worth $46,945,158 in the last ninety days. Insiders own 51.19% of the company’s stock.

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.