Lake Street Advisors Group LLC Sells 206,972 Shares of DraftKings Inc. (NASDAQ:DKNG)

Lake Street Advisors Group LLC lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 97.4% during the fourth quarter, Holdings Channel reports. The fund owned 5,524 shares of the company’s stock after selling 206,972 shares during the period. Lake Street Advisors Group LLC’s holdings in DraftKings were worth $205,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new stake in DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings in the 4th quarter valued at about $30,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings in the 3rd quarter valued at about $43,000. Creative Financial Designs Inc. ADV boosted its stake in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Finally, YANKCOM Partnership bought a new position in shares of DraftKings in the 4th quarter valued at about $48,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of several recent research reports. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Truist Financial raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Finally, BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Insider Activity

In related news, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business’s 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 transaction, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,573,488 shares of company stock worth $109,600,767 over the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Price Performance

NASDAQ DKNG opened at $43.86 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a market capitalization of $21.49 billion, a PE ratio of -41.38, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. The firm’s 50 day moving average is $41.78 and its 200-day moving average is $39.73.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (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 48.13%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.