DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in DraftKings Inc. by 37.3%, now holding 428,620 shares valued at approximately $14.2 million.
• Insider sales included Matthew Kalish, who sold 210,000 shares for about $7.94 million, resulting in a 4.81% decrease in his ownership.
• Analysts maintain a generally positive outlook with several firms assigning buy ratings and setting price targets between $54.00 and $65.00.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 37.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 428,620 shares of the company's stock after selling 255,322 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in DraftKings were worth $14,234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new stake in DraftKings during the 4th quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of DraftKings in the 4th quarter worth $28,000. FNY Investment Advisers LLC bought a new position in shares of DraftKings in the 1st quarter worth $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings during the first quarter worth $27,000. Finally, GPS Wealth Strategies Group LLC increased its holdings in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

DKNG traded up $0.06 during midday trading on Wednesday, reaching $43.16. The company had a trading volume of 8,357,477 shares, compared to its average volume of 9,652,705. The business has a 50-day moving average of $41.84 and a two-hundred day moving average of $39.44. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company's revenue for the quarter was up 36.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share. On average, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DKNG shares. Wall Street Zen upgraded shares of DraftKings from a "hold" rating to a "buy" rating in a research report on Saturday. Truist Financial increased their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Northland Securities set a $50.00 price target on shares of DraftKings in a report on Friday, April 25th. Benchmark upped their price objective on shares of DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, TD Securities reduced their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.50.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at $22,300,000. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares of the company's stock, valued at approximately $179,760,995.70. This trade represents a 4.77% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 642,181 shares of company stock valued at $26,615,625. 51.19% of the stock is currently owned by company insiders.

DraftKings Company 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.