Granger Management LLC Sells 279,720 Shares of DraftKings Inc. (NASDAQ:DKNG)

Granger Management LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG) by 93.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,085 shares of the company’s stock after selling 279,720 shares during the quarter. DraftKings accounts for approximately 0.2% of Granger Management LLC’s investment portfolio, making the stock its 6th biggest holding. Granger Management LLC’s holdings in DraftKings were worth $710,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake 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 third quarter worth $28,028,000. Janney Montgomery Scott LLC raised its position in DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $124,470,000 after acquiring an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of DraftKings by 238.6% in the 3rd 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. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $40.98 on Thursday. The firm has a 50 day moving average of $40.55 and a 200-day moving average of $38.04. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $36.09 billion, a PE ratio of -46.57, a PEG ratio of 3.11 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities research analysts predict that DraftKings Inc. will post -0.9 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on DKNG shares. Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research note on Tuesday, January 7th. Susquehanna cut their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. BMO Capital Markets restated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Macquarie lifted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.08.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock worth $41,303,025 in the last ninety days. 51.19% of the stock is owned by insiders.

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.