Exchange Traded Concepts LLC Has $5.95 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Exchange Traded Concepts LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 160,035 shares of the company’s stock after selling 27,103 shares during the period. Exchange Traded Concepts LLC’s holdings in DraftKings were worth $5,953,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Amalgamated Bank increased its stake in DraftKings by 8.7% in the second quarter. Amalgamated Bank now owns 30,032 shares of the company’s stock valued at $1,146,000 after acquiring an additional 2,412 shares during the last quarter. Sei Investments Co. raised its holdings in shares of DraftKings by 7.3% during the 2nd quarter. Sei Investments Co. now owns 429,586 shares of the company’s stock worth $16,397,000 after buying an additional 29,365 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of DraftKings by 3,638.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 207,212 shares of the company’s stock worth $7,909,000 after buying an additional 201,670 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in DraftKings by 63.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock valued at $3,129,000 after buying an additional 31,880 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in DraftKings in the second quarter valued at about $222,000. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

DKNG has been the topic of a number of research analyst reports. JMP Securities reduced their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Monday, January 6th. Benchmark restated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. BMO Capital Markets restated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

Insider Activity

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 transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company’s 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 completion of the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock worth $38,082,888 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Down 0.4 %

DraftKings stock opened at $41.34 on Friday. The company has a market capitalization of $36.41 billion, a PE ratio of -46.98, a PEG ratio of 3.07 and a beta of 1.90. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The firm’s fifty day moving average is $40.56 and its 200 day moving average is $38.07. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. As a group, sell-side analysts predict that DraftKings Inc. will post -0.9 EPS for the current fiscal year.

About DraftKings

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.