Cerity Partners LLC Has $703,000 Holdings in DraftKings Inc. (NASDAQ:DKNG)

Cerity Partners LLC trimmed its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 47.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,937 shares of the company's stock after selling 16,415 shares during the quarter. Cerity Partners LLC's holdings in DraftKings were worth $703,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Mizuho Securities USA LLC acquired a new position in DraftKings during the third quarter valued at $28,028,000. Janney Montgomery Scott LLC increased its holdings in shares of DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock valued at $124,470,000 after purchasing an additional 86,336 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after purchasing an additional 350,215 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $0.58 during trading hours on Friday, reaching $44.26. The stock had a trading volume of 11,346,291 shares, compared to its average volume of 10,040,599. The company has a market cap of $38.98 billion, a price-to-earnings ratio of -50.29 and a beta of 1.87. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The business's fifty day moving average is $39.77 and its two-hundred day moving average is $37.94. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DKNG shares. Benchmark reiterated a "buy" rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. BMO Capital Markets reaffirmed an "outperform" rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Susquehanna boosted their target price on shares of DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a research report on Monday, October 7th. Macquarie raised their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.04.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 transaction of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is currently owned by corporate insiders.

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.