Balanced Wealth Group LLC Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Balanced Wealth Group LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 5.9% during the fourth quarter, HoldingsChannel reports. The firm owned 5,843 shares of the company’s stock after selling 364 shares during the period. Balanced Wealth Group LLC’s holdings in DraftKings were worth $217,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of DKNG. Principal Financial Group Inc. grew its holdings in shares of 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 purchasing an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC purchased a new position in DraftKings in the 3rd quarter worth about $28,028,000. Vestmark Advisory Solutions Inc. grew its stake in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of DraftKings by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after purchasing an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake 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 valued at $19,481,000 after acquiring an additional 350,215 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,558,412 shares of company stock worth $108,506,588. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Down 0.1 %

NASDAQ:DKNG opened at $38.63 on Thursday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a market cap of $18.93 billion, a price-to-earnings ratio of -36.44, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock has a fifty day simple moving average of $42.12 and a 200-day simple moving average of $40.09. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. TD Cowen dropped their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Morgan Stanley upped their price target on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company upped their price objective on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.