Consolidated Investment Group LLC Sells 56,795 Shares of DraftKings Inc. $DKNG

Key Points

• Consolidated Investment Group LLC cut its stake in DraftKings by 80.2%, selling 56,795 shares in Q4 and retaining 14,000 shares valued at $482,000.
• Company insiders have been sizable net sellers — notably Paul Liberman sold 484,417 shares for about $12.19 million; insiders sold 549,495 shares (~$14.17M) over the past 90 days, though they still own 47.18% of the stock.
• Analysts have a consensus Moderate Buy rating with a consensus price target of $36.23, compared with the stock's recent open near $23.64.

Consolidated Investment Group LLC cut its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 80.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,000 shares of the company's stock after selling 56,795 shares during the quarter. Consolidated Investment Group LLC's holdings in DraftKings were worth $482,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Dagco Inc. bought a new stake in DraftKings in the fourth quarter worth $26,000. Ameriflex Group Inc. boosted its holdings in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company's stock worth $30,000 after acquiring an additional 405 shares in the last quarter. Root Financial Partners LLC bought a new stake in DraftKings in the third quarter worth $33,000. Asset Dedication LLC bought a new stake in DraftKings in the third quarter worth $37,000. Finally, Aventura Private Wealth LLC bought a new stake in DraftKings in the fourth quarter worth $39,000. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on DKNG. Berenberg Bank set a $26.40 target price on DraftKings in a report on Tuesday, February 24th. Susquehanna dropped their target price on DraftKings from $33.00 to $32.00 and set a "positive" rating on the stock in a report on Tuesday, March 31st. Guggenheim set a $37.00 target price on DraftKings in a report on Tuesday, February 17th. Barclays reissued an "overweight" rating on shares of DraftKings in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group dropped their target price on DraftKings from $54.00 to $31.00 and set a "buy" rating on the stock in a report on Tuesday, February 17th. Twenty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.23.

Insider Transactions at DraftKings

In other news, CAO Erik Bradbury sold 7,268 shares of the business's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $22.50, for a total value of $163,530.00. Following the completion of the transaction, the chief accounting officer owned 36,736 shares in the company, valued at $826,560. The trade was a 16.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 484,417 shares of the business's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider owned 213,597 shares of the company's stock, valued at $5,374,100.52. This represents a 69.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 549,495 shares of company stock valued at $14,166,700. Insiders own 47.18% of the company's stock.

DraftKings Stock Up 3.0%

DKNG stock opened at $23.64 on Thursday. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The business has a fifty day moving average price of $23.74 and a 200-day moving average price of $29.68. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $11.72 billion, a P/E ratio of -591.00, a P/E/G ratio of 0.92 and a beta of 1.68.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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