Kraematon Investment Advisors Inc. Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Kraematon Investment Advisors Inc. lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,525 shares of the company’s stock after selling 485 shares during the quarter. Kraematon Investment Advisors Inc.’s holdings in DraftKings were worth $243,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in DKNG. Marshall Wace LLP lifted its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the period. Geode Capital Management LLC increased its stake in shares of DraftKings by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares during the last quarter. FMR LLC lifted its holdings in shares of DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Fred Alger Management LLC boosted its position in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on shares of 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 reiterated an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. TD Cowen upped their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Macquarie increased their target price 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 equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Stock Performance

DKNG stock opened at $39.68 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The firm has a fifty day moving average price of $40.65 and a two-hundred day moving average price of $37.94. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last released 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 return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, analysts anticipate that DraftKings Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. Company insiders own 48.94% of the company’s stock.

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.