Morangie Management LLC Cuts Position in DraftKings Inc. $DKNG

Key Points

• Morangie Management LLC trimmed its DraftKings stake by 12.4% in Q4, selling 46,807 shares and leaving 329,733 shares (about $11.36M), which represents ~9.0% of the firm's portfolio and its fourth-largest holding.
• Company insiders have been net sellers, offloading a total of 549,495 shares worth $14.17M in the past three months (including R. Stanton Dodge's 52,777-share sale), while insiders still control about 51.19% of the stock.
• Analysts' views are mixed: the stock carries a consensus "Moderate Buy" rating with an average price target of $36.91, even as several firms recently lowered targets, while the shares trade near $23.16.

Morangie Management LLC decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 329,733 shares of the company's stock after selling 46,807 shares during the quarter. DraftKings comprises approximately 9.0% of Morangie Management LLC's investment portfolio, making the stock its 4th largest holding. Morangie Management LLC owned about 0.07% of DraftKings worth $11,363,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Integrated Wealth Concepts LLC boosted its stake in DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company's stock worth $314,000 after acquiring an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company's stock valued at $1,463,000 after purchasing an additional 40,495 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock valued at $303,000 after purchasing an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of DraftKings during the second quarter valued at about $603,000. Finally, Prudential Financial Inc. boosted its position in shares of DraftKings by 57.7% during the 2nd quarter. Prudential Financial Inc. now owns 27,698 shares of the company's stock worth $1,146,000 after purchasing an additional 10,134 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total value of $1,689,391.77. Following the completion of the sale, the insider directly owned 500,000 shares of the company's stock, valued at approximately $16,005,000. This represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Erik Bradbury sold 2,883 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total value of $70,806.48. Following the transaction, the chief accounting officer owned 38,168 shares in the company, valued at approximately $937,406.08. This trade represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 549,495 shares of company stock worth $14,166,700 in the last three months. 51.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Truist Financial reduced their target price on DraftKings from $45.00 to $33.00 and set a "buy" rating for the company in a research note on Tuesday, February 17th. Texas Capital raised DraftKings to a "hold" rating in a research note on Thursday, January 8th. Needham & Company LLC reiterated a "buy" rating and issued a $35.00 price target on shares of DraftKings in a report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft set a $26.00 price objective on DraftKings in a research note on Tuesday, February 17th. Finally, Morgan Stanley lowered their target price on DraftKings from $53.00 to $40.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 24th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.91.

DraftKings Stock Up 4.5%

DKNG stock opened at $23.16 on Friday. The firm has a market capitalization of $11.48 billion, a PE ratio of -579.00, a P/E/G ratio of 0.89 and a beta of 1.68. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The stock's 50 day moving average is $24.81 and its 200-day moving average is $31.03.

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.

Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.