Carnegie Capital Asset Management LLC Has $19.36 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Carnegie Capital Asset Management LLC lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 6.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 549,215 shares of the company’s stock after selling 35,435 shares during the period. Carnegie Capital Asset Management LLC’s holdings in DraftKings were worth $19,360,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. AJ Wealth Strategies LLC bought a new stake in DraftKings during the 1st quarter valued at $306,000. MetLife Investment Management LLC bought a new stake in DraftKings during the first quarter worth $387,000. Panagora Asset Management Inc. raised its position in DraftKings by 49.0% in the 1st quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock valued at $584,000 after buying an additional 9,866 shares during the last quarter. Cibc World Market Inc. lifted its stake in DraftKings by 26.2% during the 1st quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock valued at $423,000 after acquiring an additional 4,512 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in DraftKings by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock worth $963,000 after acquiring an additional 1,270 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $45.00 in a research report on Friday, January 19th. BMO Capital Markets upped their target price on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 16th. JMP Securities reiterated a “market outperform” rating and set a $52.00 price target on shares of DraftKings in a report on Monday, March 25th. Oppenheimer upped their price objective on DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Piper Sandler lifted their price objective on shares of DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.46.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the transaction, the insider now directly owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the sale, the insider now directly owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 510,000 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,596,101 shares of company stock worth $65,685,509. Corporate insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock traded down $1.22 on Friday, reaching $44.22. The company’s stock had a trading volume of 6,673,615 shares, compared to its average volume of 10,888,374. DraftKings Inc. has a 12-month low of $18.63 and a 12-month high of $49.57. The stock’s 50 day simple moving average is $43.77 and its 200-day simple moving average is $37.51. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a market capitalization of $38.32 billion, a P/E ratio of -25.27 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.16). The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The firm’s revenue for the quarter was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) EPS. As a group, equities analysts predict that DraftKings Inc. will post -0.25 earnings per share 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.