Carnegie Investment Counsel Lowers Stock Position in DraftKings Inc. $DKNG

Carnegie Investment Counsel cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 66.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,400 shares of the company’s stock after selling 22,700 shares during the period. Carnegie Investment Counsel’s holdings in DraftKings were worth $246,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Integrated Wealth Concepts LLC lifted its holdings in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after acquiring an additional 524 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after purchasing an additional 40,495 shares during the last quarter. Empowered Funds LLC increased its holdings in DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after purchasing an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in DraftKings in the second quarter valued at approximately $603,000. Finally, Daiwa Securities Group Inc. raised its position in DraftKings by 2.2% in the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after purchasing an additional 968 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on DKNG shares. Wells Fargo & Company restated an “overweight” rating and set a $32.00 price target on shares of DraftKings in a research note on Sunday, May 10th. Northland Securities set a $27.00 price objective on DraftKings in a research note on Monday, May 11th. Morgan Stanley reiterated an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. BNP Paribas Exane began coverage on DraftKings in a research note on Thursday, May 14th. They set an “underperform” rating and a $20.00 target price on the stock. Finally, Scotiabank upgraded DraftKings to an “outperform” rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $34.46.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 over the last three months. 47.18% of the stock is currently owned by insiders.

DraftKings Stock Performance

Shares of DKNG stock opened at $25.21 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The stock has a market capitalization of $12.51 billion, a PE ratio of 420.17 and a beta of 1.65. The firm has a 50 day moving average of $25.80 and a two-hundred day moving average of $26.30.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm earned ($0.07) EPS. The business’s revenue was up 16.8% on a year-over-year basis. On average, research analysts predict that DraftKings Inc. will post 0.59 EPS for the current fiscal year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.