Carnegie Capital Asset Management LLC Trims Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Carnegie Capital Asset Management LLC reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 549,215 shares of the company's stock after selling 35,435 shares during the period. Carnegie Capital Asset Management LLC owned 0.06% of DraftKings worth $19,360,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Deutsche Bank AG boosted its position in shares of DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company's stock worth $39,393,000 after acquiring an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in DraftKings in the third quarter valued at approximately $209,000. Schonfeld Strategic Advisors LLC lifted its position in DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company's stock valued at $8,741,000 after buying an additional 64,186 shares in the last quarter. Arizona State Retirement System increased its position in shares of DraftKings by 1.1% in the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company's stock worth $4,046,000 after acquiring an additional 1,237 shares in the last quarter. Finally, Asset Management One Co. Ltd. purchased a new position in shares of DraftKings in the 3rd quarter valued at $4,502,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider R Stanton Dodge sold 686,101 shares of the firm's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $37.82, for a total value of $7,564,000.00. Following the transaction, the insider now owns 3,815,698 shares of the company's stock, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,596,101 shares of company stock worth $65,685,509. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several recent research reports. Wells Fargo & Company increased their price target on DraftKings from $39.00 to $53.00 and gave the company an "overweight" rating in a report on Tuesday, February 20th. Oppenheimer boosted their price target on DraftKings from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 20th. Truist Financial reissued a "buy" rating and set a $55.00 price target (up from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. JMP Securities reissued a "market outperform" rating and set a $52.00 price target on shares of DraftKings in a research report on Monday, March 25th. Finally, Barclays raised DraftKings from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $41.00 to $50.00 in a research report on Friday, February 23rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $46.46.

DraftKings Stock Down 2.7 %

Shares of NASDAQ DKNG traded down $1.22 during mid-day trading on Friday, reaching $44.22. 6,673,615 shares of the company traded hands, compared to its average volume of 10,888,374. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $38.32 billion, a PE ratio of -25.27 and a beta of 1.86. The company's fifty day moving average is $43.77 and its two-hundred day moving average is $37.57. DraftKings Inc. has a fifty-two week low of $18.63 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the business earned ($0.53) EPS. The business's quarterly revenue was up 43.9% compared to the same quarter last year. On average, analysts expect that DraftKings Inc. will post -0.25 earnings per share for the current year.

DraftKings 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.