Addison Capital Co Trims Position in DraftKings Inc. (NASDAQ:DKNG)

Addison Capital Co decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,888 shares of the company’s stock after selling 645 shares during the quarter. Addison Capital Co’s holdings in DraftKings were worth $1,000,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. raised its stake in shares of DraftKings by 8.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 150,769 shares of the company’s stock valued at $5,609,000 after acquiring an additional 11,894 shares in the last quarter. Monimus Capital Management LP purchased a new position in DraftKings during the 4th quarter worth $3,802,000. Achmea Investment Management B.V. bought a new stake in DraftKings during the 4th quarter valued at $1,669,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of DraftKings by 37.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 683,942 shares of the company’s stock worth $25,443,000 after buying an additional 186,971 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of DraftKings by 16.6% during the 4th quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company’s stock worth $92,000 after buying an additional 353 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This represents a 88.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Up 2.4 %

DraftKings stock opened at $37.87 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $18.55 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The business has a 50 day simple moving average of $42.14 and a 200-day simple moving average of $40.16. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on DKNG shares. Susquehanna decreased their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Canaccord Genuity Group increased their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their price target on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

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.