DraftKings Inc. (NASDAQ:DKNG) is Josh Arnold Investment Consultant LLC's 5th Largest Position

Josh Arnold Investment Consultant LLC reduced its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 45.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,415 shares of the company's stock after selling 43,550 shares during the quarter. DraftKings accounts for approximately 1.6% of Josh Arnold Investment Consultant LLC's investment portfolio, making the stock its 5th largest holding. Josh Arnold Investment Consultant LLC's holdings in DraftKings were worth $2,015,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

DKNG has been the subject of a number of recent analyst reports. Stifel Nicolaus reissued a "buy" rating and issued a $48.00 price objective (down previously from $50.00) on shares of DraftKings in a research report on Monday, August 5th. TD Cowen boosted 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. UBS Group increased their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. BMO Capital Markets reissued an "outperform" rating and set a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. 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 research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $51.04.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the company's stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 735,246 shares of company stock worth $29,902,158 over the last three months. Insiders own 51.19% of the company's stock.

DraftKings Price Performance

DKNG stock traded up $0.62 during mid-day trading on Friday, reaching $43.65. 3,610,727 shares of the company's stock were exchanged, compared to its average volume of 10,377,830. The stock's 50 day moving average is $39.36 and its 200 day moving average is $37.92. The company has a market cap of $38.44 billion, a price-to-earnings ratio of -49.60 and a beta of 1.82. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. 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 announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. On average, research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

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.