Mount Lucas Management LP Has $384,000 Holdings in DraftKings Inc. (NASDAQ:DKNG)

Mount Lucas Management LP cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 46.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,556 shares of the company's stock after selling 10,141 shares during the period. Mount Lucas Management LP's holdings in DraftKings were worth $384,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. SYM FINANCIAL Corp acquired a new position in DraftKings during the first quarter valued at $229,000. Oak Thistle LLC raised its position in DraftKings by 194.7% during the first quarter. Oak Thistle LLC now owns 84,579 shares of the company's stock valued at $2,809,000 after buying an additional 55,879 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its position in DraftKings by 89.0% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 87,777 shares of the company's stock valued at $2,915,000 after buying an additional 41,328 shares during the period. Obermeyer Wealth Partners raised its position in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after buying an additional 297 shares during the period. Finally, Crestwood Advisors Group LLC acquired a new position in DraftKings during the first quarter valued at $780,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's 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 owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. This trade represents a 4.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the sale, the chief financial officer owned 171,268 shares of the company's stock, valued at $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 589,404 shares of company stock worth $22,639,746 over the last 90 days. Insiders own 51.19% of the company's stock.

DraftKings Stock Performance

Shares of DKNG stock traded up $0.82 during mid-day trading on Friday, reaching $44.86. The stock had a trading volume of 4,767,604 shares, compared to its average volume of 8,140,658. The firm's 50 day simple moving average is $39.68 and its 200 day simple moving average is $39.08. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The firm has a market cap of $39.89 billion, a PE ratio of -54.05, a P/E/G ratio of 1.51 and a beta of 1.67.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on DKNG. Susquehanna upped their price target on DraftKings from $52.00 to $60.00 and gave the company a "positive" rating in a research report on Friday. JPMorgan Chase & Co. initiated coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price on the stock. Cowen reaffirmed a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Benchmark reaffirmed a "buy" rating and issued a $50.00 target price (up from $45.00) on shares of DraftKings in a research report on Tuesday, July 15th. Finally, Jefferies Financial Group dropped their target price on DraftKings from $60.00 to $53.00 and set a "buy" rating on the stock in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $54.38.

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.