Moors & Cabot Inc. Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Moors & Cabot Inc. lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 19.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,830 shares of the company’s stock after selling 5,350 shares during the period. Moors & Cabot Inc.’s holdings in DraftKings were worth $849,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co grew its position in DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares during the period. Claro Advisors LLC grew its position in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares during the period. Allworth Financial LP grew its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after acquiring an additional 271 shares during the period. Westside Investment Management Inc. grew its position in DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after acquiring an additional 288 shares during the period. Finally, Nvwm LLC grew its position in DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after acquiring an additional 312 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 4.2 %

Shares of NASDAQ DKNG opened at $36.99 on Friday. The stock’s 50 day moving average price is $42.13 and its two-hundred day moving average price is $40.07. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a market capitalization of $18.12 billion, a P/E ratio of -34.90, a PEG ratio of 1.43 and a beta of 2.07. 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 issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on DKNG. JMP Securities reissued a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Argus set a $60.00 price objective on DraftKings in a research note on Tuesday, February 18th. Morgan Stanley boosted their price objective on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Truist Financial boosted their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.44.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares of the company’s stock, valued at approximately $67,704. This trade represents a 67.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now directly owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is owned by corporate insiders.

DraftKings Company 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.