Carnegie Investment Counsel Sells 7,050 Shares of DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Carnegie Investment Counsel reduced its holdings in DraftKings Inc. by 12.2% in Q1, now owning 50,675 shares valued at approximately $1.67 million.
• Insider selling activity included Director Jocelyn Moore and CFO Alan Wayne Ellingson, who sold over 9,965 shares combined, reducing their stake in the company.
• DraftKings stock has been rated with a consensus of "Moderate Buy" by analysts, with an average target price of $54.38.

Carnegie Investment Counsel lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,675 shares of the company's stock after selling 7,050 shares during the quarter. Carnegie Investment Counsel's holdings in DraftKings were worth $1,666,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in DKNG. Thrivent Financial for Lutherans lifted its stake in DraftKings by 6.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 8,554 shares of the company's stock valued at $318,000 after buying an additional 544 shares during the period. American Century Companies Inc. increased its holdings in shares of DraftKings by 92.7% in the fourth quarter. American Century Companies Inc. now owns 42,322 shares of the company's stock worth $1,574,000 after acquiring an additional 20,365 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. Congress Wealth Management LLC DE increased its holdings in shares of DraftKings by 8.6% in the fourth quarter. Congress Wealth Management LLC DE now owns 14,630 shares of the company's stock worth $544,000 after acquiring an additional 1,160 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of DraftKings by 2.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 200,312 shares of the company's stock worth $7,452,000 after acquiring an additional 3,867 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Up 1.9%

Shares of DraftKings stock traded up $0.82 on Friday, hitting $44.86. The company had a trading volume of 4,767,604 shares, compared to its average volume of 8,140,658. The stock has a market capitalization of $39.89 billion, a price-to-earnings ratio of -54.05, a P/E/G ratio of 1.51 and a beta of 1.67. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a 50 day moving average of $39.68 and a 200-day moving average of $39.08. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DKNG. Guggenheim lowered their price target on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. Morgan Stanley restated an "overweight" rating and issued a $52.00 price target (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. BTIG Research lowered their price target on DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Truist Financial increased their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Jefferies Financial Group decreased their price objective on DraftKings from $60.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, July 3rd. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.38.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the sale, the insider directly owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $43.53, for a total value of $4,594,765.62. Following the sale, the insider directly owned 500,000 shares of the company's stock, valued at $21,765,000. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 589,404 shares of company stock valued at $22,639,746. 51.19% of the stock is owned by company insiders.

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.