SteelPeak Wealth LLC Trims Stock Position in DraftKings Inc. (NASDAQ:DKNG)

SteelPeak Wealth LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 17.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,429 shares of the company’s stock after selling 2,400 shares during the quarter. SteelPeak Wealth LLC’s holdings in DraftKings were worth $425,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. The Manufacturers Life Insurance Company increased its position in DraftKings by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 24,621 shares of the company’s stock worth $940,000 after purchasing an additional 487 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of DraftKings by 5.4% during the 2nd quarter. Mackenzie Financial Corp now owns 23,356 shares of the company’s stock valued at $891,000 after buying an additional 1,195 shares during the period. NewEdge Advisors LLC increased its stake in DraftKings by 2.1% during the second quarter. NewEdge Advisors LLC now owns 43,191 shares of the company’s stock worth $1,649,000 after acquiring an additional 902 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in DraftKings by 5.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 35,916 shares of the company’s stock valued at $1,371,000 after buying an additional 1,902 shares during the period. Finally, Quarry LP purchased a new position in shares of DraftKings in the 2nd quarter valued at $87,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $42.73 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The firm has a market capitalization of $37.63 billion, a PE ratio of -48.56, a P/E/G ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business’s fifty day moving average price is $40.50 and its two-hundred day moving average price is $38.19.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. On average, research analysts expect that DraftKings Inc. will post -0.9 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on DKNG shares. JPMorgan Chase & Co. upped their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. TD Cowen upped their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Barclays upped their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.08.

Insider Buying and Selling

In related news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock valued at $38,082,888 in the last three months. 51.19% of the stock is currently owned by corporate insiders.

DraftKings 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.