DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Anthracite Investment Company Inc.

Anthracite Investment Company Inc. lowered its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 63.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,850 shares of the company's stock after selling 49,376 shares during the quarter. Anthracite Investment Company Inc.'s holdings in DraftKings were worth $1,092,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. LRI Investments LLC bought a new position in DraftKings during the first quarter worth about $31,000. Alta Advisers Ltd purchased a new stake in DraftKings during the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new position in shares of DraftKings during the 2nd quarter valued at approximately $39,000. St. Johns Investment Management Company LLC bought a new stake in shares of DraftKings during the second quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC bought a new stake in DraftKings in the third quarter worth $46,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the firm's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 820,536 shares of company stock valued at $32,916,465 over the last 90 days. 48.94% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research reports. BMO Capital Markets reaffirmed an "outperform" rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Susquehanna lifted their price objective on DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a research report on Monday, October 7th. TD Cowen increased their price target on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, November 12th. Oppenheimer dropped their price target on DraftKings from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Monday, August 5th. Finally, Mizuho upped their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.85.

DraftKings Trading Up 1.4 %

Shares of DKNG traded up $0.59 during mid-day trading on Wednesday, reaching $43.80. 6,417,351 shares of the company's stock traded hands, compared to its average volume of 10,366,321. 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 stock's 50-day moving average is $38.61 and its two-hundred day moving average is $37.89. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The stock has a market cap of $38.57 billion, a P/E ratio of -49.10 and a beta of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS 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 company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.12 billion. Research analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current fiscal 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.