Latitude Advisors LLC Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Latitude Advisors LLC cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the 4th quarter worth $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the fourth quarter worth about $30,000. Delos Wealth Advisors LLC purchased a new position in shares of DraftKings in the 3rd quarter worth about $43,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at about $46,000. Finally, Creative Financial Designs Inc. ADV lifted 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 in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction dated 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 directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on DKNG. Macquarie raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. BMO Capital Markets reissued an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Friday, February 7th. JPMorgan Chase & Co. increased their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Morgan Stanley boosted their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $50.92.

DraftKings Stock Up 1.4 %

Shares of DraftKings stock opened at $43.44 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The business has a 50-day moving average price of $40.32 and a 200 day moving average price of $38.46. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The firm has a market cap of $21.18 billion, a P/E ratio of -49.36, a P/E/G ratio of 3.18 and a beta of 1.93.

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.