DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Latitude Advisors LLC

Latitude Advisors LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 5.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,440 shares of the company’s stock after selling 300 shares during the quarter. Latitude Advisors LLC’s holdings in DraftKings were worth $202,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC grew its position in DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after buying an additional 284,131 shares in the last quarter. FMR LLC lifted its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Fred Alger Management LLC lifted its stake in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. Westfield Capital Management Co. LP boosted its holdings in shares of DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after acquiring an additional 236,427 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of DraftKings by 2.8% during the third 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 period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 1.4 %

Shares of NASDAQ DKNG opened at $43.44 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The business has a 50-day moving average price of $40.32 and a two-hundred day moving average price of $38.46. The firm has a market capitalization of $21.18 billion, a PE ratio of -49.36, a PEG ratio of 3.18 and a beta of 1.93.

Analysts Set New Price Targets

A number of research firms have weighed in on DKNG. Wells Fargo & Company upped their target price on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Mizuho upped their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Friday, February 7th. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, JMP Securities cut their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.92.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock valued at $38,082,888 over the last three months. 51.19% of the stock is owned by corporate insiders.

DraftKings 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.