Midwest Financial Group LLC Decreases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Midwest Financial Group LLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,165 shares of the company’s stock after selling 4,725 shares during the quarter. Midwest Financial Group LLC’s holdings in DraftKings were worth $779,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after buying an additional 2,225,759 shares during the last quarter. Jericho Capital Asset Management L.P. raised its stake in DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after buying an additional 2,022,000 shares during the last quarter. Norges Bank purchased a new stake in DraftKings in the fourth quarter valued at about $192,140,000. Ameriprise Financial Inc. raised its stake in DraftKings by 345.7% in the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after buying an additional 3,444,107 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after buying an additional 781,058 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at $9,537,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares in the company, valued at approximately $9,537,500. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 851,450 shares of company stock worth $35,023,584. 51.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on DKNG. Morgan Stanley increased their price target on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. JMP Securities reaffirmed a “market outperform” rating and set a $52.00 target price on shares of DraftKings in a report on Monday, March 25th. UBS Group lifted their target price on DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Jefferies Financial Group lifted their target price on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, The Goldman Sachs Group began coverage on DraftKings in a report on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

DraftKings Stock Down 2.3 %

Shares of DKNG traded down $1.01 during trading hours on Friday, hitting $41.99. 16,377,803 shares of the stock were exchanged, compared to its average volume of 10,924,195. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings Inc. has a 12-month low of $24.62 and a 12-month high of $49.57. The stock’s 50-day moving average price is $41.11 and its two-hundred day moving average price is $40.48.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the firm posted ($0.87) earnings per share. The firm’s revenue for the quarter was up 52.7% compared to the same quarter last year. Sell-side analysts forecast that DraftKings Inc. will post -0.21 EPS 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.