Janney Montgomery Scott LLC Reduces Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Janney Montgomery Scott LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 33.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 252,866 shares of the company's stock after selling 125,361 shares during the period. Janney Montgomery Scott LLC's holdings in DraftKings were worth $9,407,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in DKNG. Westside Investment Management Inc. increased its position in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock valued at $1,678,000 after acquiring an additional 288 shares during the period. Perfromance Wealth Partners LLC acquired a new stake in DraftKings in the fourth quarter valued at $249,000. Atwood & Palmer Inc. raised its position in DraftKings by 1.8% during the 4th quarter. Atwood & Palmer Inc. now owns 524,259 shares of the company's stock worth $19,502,000 after purchasing an additional 9,184 shares during the last quarter. Harbor Investment Advisory LLC lifted its holdings in DraftKings by 17.3% during the 4th quarter. Harbor Investment Advisory LLC now owns 34,217 shares of the company's stock worth $1,273,000 after buying an additional 5,056 shares during the period. Finally, Veery Capital LLC grew its position in shares of DraftKings by 17.1% in the 4th quarter. Veery Capital LLC now owns 37,065 shares of the company's stock valued at $1,379,000 after buying an additional 5,406 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of the business's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares of the company's stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares of the company's stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 963,742 shares of company stock valued at $38,082,888. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Trading Down 1.8 %

NASDAQ:DKNG traded down $0.78 during mid-day trading on Friday, reaching $41.95. 5,129,623 shares of the company's stock traded hands, compared to its average volume of 7,557,003. 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 Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The firm has a market capitalization of $36.94 billion, a price-to-earnings ratio of -47.67, a PEG ratio of 3.14 and a beta of 1.90. The company has a 50 day moving average price of $40.48 and a 200-day moving average price of $38.23.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) 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 company had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.12 billion. On average, sell-side analysts predict that DraftKings Inc. will post -0.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent analyst reports. Macquarie upped their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, November 11th. JPMorgan Chase & Co. increased their price target on DraftKings from $47.00 to $53.00 and gave the stock an "overweight" rating in a report on Friday, December 13th. BMO Capital Markets reissued an "outperform" rating and issued a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Finally, TD Cowen boosted their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Three equities 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, the company has an average rating of "Moderate Buy" and a consensus target price 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.