Pine Valley Investments Ltd Liability Co Sells 422 Shares of DraftKings Inc. (NASDAQ:DKNG)

Pine Valley Investments Ltd Liability Co cut its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.1% during the 4th quarter, Holdings Channel reports. The fund owned 6,502 shares of the company’s stock after selling 422 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in DraftKings were worth $242,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Principal Financial Group Inc. boosted its position in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC acquired a new position in DraftKings during the 3rd quarter worth approximately $28,028,000. Janney Montgomery Scott LLC raised its stake in DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after buying an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after acquiring an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after acquiring an additional 350,215 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,573,488 shares of company stock worth $109,600,767. 48.94% of the stock is owned by company insiders.

DraftKings Stock Down 1.4 %

DKNG opened at $42.74 on Friday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company’s 50-day moving average price is $41.71 and its two-hundred day moving average price is $39.63. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of -40.32, a PEG ratio of 1.43 and a beta of 1.93. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the topic of a number of research reports. BTIG Research set a $59.00 target price on DraftKings in a research report on Monday, February 3rd. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. JMP Securities restated a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Friday, February 14th. Finally, Benchmark boosted their price objective on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

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.