Granger Management LLC Has $710,000 Stake in DraftKings Inc. (NASDAQ:DKNG)

Granger Management LLC trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 93.6% during the fourth quarter, HoldingsChannel reports. The fund owned 19,085 shares of the company’s stock after selling 279,720 shares during the quarter. DraftKings comprises 0.2% of Granger Management LLC’s holdings, making the stock its 6th largest position. Granger Management LLC’s holdings in DraftKings were worth $710,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pine Valley Investments Ltd Liability Co boosted its holdings in DraftKings by 3.7% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares during the last quarter. Claro Advisors LLC lifted its position in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the period. Global Retirement Partners LLC boosted its stake in shares of DraftKings by 0.6% in the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares during the last quarter. Westside Investment Management Inc. increased its position in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after buying an additional 288 shares during the period. Finally, Creative Financial Designs Inc. ADV raised its stake in DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after buying an additional 320 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 1.3 %

Shares of DraftKings stock opened at $40.98 on Thursday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $36.09 billion, a P/E ratio of -46.57, a P/E/G ratio of 3.11 and a beta of 1.90. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The stock’s 50-day simple moving average is $40.55 and its 200 day simple moving average is $38.04.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts anticipate that DraftKings Inc. will post -0.9 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 200,000 shares of the 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 sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,052,183 shares of company stock worth $41,303,025 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DKNG. JMP Securities cut their price target on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. TD Cowen upped their target price on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Mizuho lifted their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. BMO Capital Markets restated an “outperform” rating and set a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Finally, Barclays boosted their target price 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. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.08.

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.