Carnegie Investment Counsel Trims Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Carnegie Investment Counsel decreased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 76.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,725 shares of the company's stock after selling 184,375 shares during the period. Carnegie Investment Counsel's holdings in DraftKings were worth $2,147,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. boosted its stake in DraftKings by 14.6% during the third 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 during the last quarter. Mizuho Securities USA LLC bought a new position in DraftKings during the third quarter valued at approximately $28,028,000. Janney Montgomery Scott LLC boosted its stake in DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after buying an additional 128,676 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 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. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in 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. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Down 1.0 %

NASDAQ DKNG traded down $0.39 during midday trading on Friday, hitting $39.29. 7,138,308 shares of the company traded hands, compared to its average volume of 6,983,014. 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 company has a market cap of $34.60 billion, a PE ratio of -44.65, a price-to-earnings-growth ratio of 2.99 and a beta of 1.90. The company's 50-day simple moving average is $40.65 and its 200-day simple moving average is $37.97. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate 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, equities research analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DKNG shares. TD Cowen increased their price target on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Macquarie upped their price objective on DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Barclays upped their price objective on DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, November 11th. Finally, Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.08.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 3,151 shares of the firm's stock in a transaction on Thursday, November 21st. The stock was 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,052,183 shares of company stock valued at $41,303,025. 48.94% of the stock is currently owned by corporate insiders.

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.