Mount Lucas Management LP Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Mount Lucas Management LP trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 17.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,697 shares of the company’s stock after selling 4,594 shares during the quarter. Mount Lucas Management LP’s holdings in DraftKings were worth $807,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Baillie Gifford & Co. bought a new stake in shares of DraftKings in the 4th quarter valued at about $246,765,000. Fred Alger Management LLC lifted its position in DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the last quarter. FMR LLC boosted its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Mizuho Securities USA LLC purchased a new position in DraftKings in the third quarter worth $28,028,000. Finally, Blue Whale Capital LLP increased its position in shares of DraftKings by 59.7% during the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after purchasing an additional 615,011 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 1.7 %

NASDAQ:DKNG opened at $39.41 on Monday. The company has a market capitalization of $19.31 billion, a PE ratio of -37.18, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a fifty day simple moving average of $42.06 and a 200-day simple moving average of $40.07. 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 (NASDAQ:DKNG) last announced its quarterly earnings results 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 10.64% and a negative return on equity of 48.13%. On average, equities research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on 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 owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,554,992 shares of company stock worth $108,362,948. 51.19% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Morgan Stanley raised their price objective on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Barclays boosted their price target on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Argus set a $60.00 price objective on shares of DraftKings in a research report on Tuesday, February 18th. TD Cowen lowered their target price 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. Finally, Canaccord Genuity Group upped their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

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.