Cresset Asset Management LLC Sells 104,378 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cresset Asset Management LLC lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,114,475 shares of the company's stock after selling 104,378 shares during the period. Cresset Asset Management LLC owned approximately 0.23% of DraftKings worth $41,458,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in DKNG. Beacon Pointe Advisors LLC raised its position in DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after purchasing an additional 203 shares during the last quarter. Claro Advisors LLC increased its stake in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after buying an additional 264 shares during the period. Allworth Financial LP raised its holdings in DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after buying an additional 271 shares during the last quarter. Westside Investment Management Inc. raised its holdings in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock valued at $1,678,000 after buying an additional 288 shares during the last quarter. Finally, Nvwm LLC boosted its position in DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company's stock worth $720,000 after buying an additional 312 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DKNG shares. Mizuho cut their price target on shares of DraftKings from $62.00 to $59.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Canaccord Genuity Group lifted their target price on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, February 14th. JMP Securities set a $57.00 price target on DraftKings in a research note on Wednesday, April 2nd. Jefferies Financial Group set a $60.00 price objective on DraftKings and gave the stock a "buy" rating in a research note on Sunday, April 13th. Finally, Cowen reissued a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.18.

Insider Buying and Selling at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares of the company's stock, valued at approximately $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,681,079 shares of company stock worth $112,941,617. Corporate insiders own 51.19% of the company's stock.

DraftKings Stock Up 2.6 %

Shares of DKNG traded up $0.91 on Friday, reaching $36.26. The company's stock had a trading volume of 27,367,496 shares, compared to its average volume of 9,821,519. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock has a market capitalization of $32.02 billion, a PE ratio of -34.21, a PEG ratio of 1.43 and a beta of 1.89. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a fifty day moving average of $35.48 and a 200-day moving average of $39.26.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data 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 return on equity of 48.13% and a negative net margin of 10.64%. Equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.