Mount Lucas Management LP Lowers Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Mount Lucas Management LP reduced its position in DraftKings Inc. (NASDAQ:DKNG) by 17.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 21,697 shares of the company’s stock after selling 4,594 shares during the period. Mount Lucas Management LP’s holdings in DraftKings were worth $807,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC purchased a new position in DraftKings in the fourth quarter valued at approximately $37,000. Delos Wealth Advisors LLC acquired a new position in DraftKings during the third quarter valued at approximately $43,000. Finally, YANKCOM Partnership purchased a new stake in DraftKings during the fourth quarter worth approximately $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,554,992 shares of company stock worth $108,362,948. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DKNG has been the topic of a number of research reports. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Susquehanna decreased their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Stifel Nicolaus raised their target price on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, Morgan Stanley upped their price target on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Stock Performance

DraftKings stock opened at $39.41 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. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a fifty day moving average price of $42.06 and a two-hundred day moving average price of $40.07. The company has a market cap of $19.31 billion, a PE ratio of -37.18, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results 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%. Research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.