Cypress Capital Management LLC WY Has $957,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Cypress Capital Management LLC WY reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,723 shares of the company’s stock after selling 1,510 shares during the period. DraftKings comprises about 1.1% of Cypress Capital Management LLC WY’s investment portfolio, making the stock its 29th biggest position. Cypress Capital Management LLC WY’s holdings in DraftKings were worth $957,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares during the period. FMR LLC raised its holdings in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares in the last quarter. Fred Alger Management LLC lifted its position in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. Westfield Capital Management Co. LP boosted its stake in DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after buying an additional 236,427 shares in the last quarter. Finally, 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 valued at $124,470,000 after acquiring an additional 86,336 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $42.73 on Friday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business’s fifty day moving average is $40.50 and its 200-day moving average is $38.19.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Research analysts predict that DraftKings Inc. will post -0.93 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the transaction, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on DKNG shares. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Macquarie upped their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. TD Cowen raised their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. JPMorgan Chase & Co. boosted their target price on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Friday, November 8th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

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.