Catalyst Capital Advisors LLC Reduces Holdings in DraftKings Inc. (NASDAQ:DKNG)

Catalyst Capital Advisors LLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 36.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,650 shares of the company’s stock after selling 2,700 shares during the period. Catalyst Capital Advisors LLC’s holdings in DraftKings were worth $173,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the firm’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 directly owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,163,742 shares of company stock worth $47,082,888 in the last ninety days. 51.19% of the stock is owned by company insiders.

DraftKings Price Performance

Shares of DraftKings stock opened at $53.49 on Tuesday. The stock has a 50 day moving average of $40.76 and a 200 day moving average of $38.89. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market cap of $26.08 billion, a PE ratio of -60.78, a PEG ratio of 3.18 and a beta of 1.93. 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 (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 the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, research analysts expect that DraftKings Inc. will post -0.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday. TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Benchmark upped 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. Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.64.

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.