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

Lake Street Advisors Group LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 97.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC bought a new stake in DraftKings in the third quarter worth approximately $28,028,000. Janney Montgomery Scott LLC grew its position in 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. grew its position in 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. boosted its holdings in shares of DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after buying an additional 350,215 shares during the period. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Paul Liberman sold 200,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated 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 sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,573,488 shares of company stock worth $109,600,767 in the last quarter. 51.19% of the stock is owned by corporate insiders.

DraftKings Trading Up 2.6 %

Shares of DKNG stock opened at $43.86 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a market cap of $21.49 billion, a price-to-earnings ratio of -41.38, a P/E/G ratio of 1.43 and a beta of 1.93. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a fifty day moving average of $41.78 and a 200-day moving average of $39.73.

DraftKings (NASDAQ:DKNG) last announced its earnings results 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price objective on shares of DraftKings in a report on Friday, February 14th. JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Truist Financial upped their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

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.