Illinois Municipal Retirement Fund Sells 32,299 Shares of DraftKings Inc. (NASDAQ:DKNG)

Illinois Municipal Retirement Fund lessened its stake in DraftKings Inc. (NASDAQ:DKNG) by 19.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 136,840 shares of the company’s stock after selling 32,299 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in DraftKings were worth $5,090,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Amalgamated Bank raised its stake in shares of DraftKings by 1.1% in the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company’s stock valued at $1,113,000 after buying an additional 327 shares during the period. IFP Advisors Inc increased its holdings in DraftKings by 23.1% in the 4th quarter. IFP Advisors Inc now owns 41,477 shares of the company’s stock worth $1,543,000 after acquiring an additional 7,785 shares during the last quarter. Greystone Financial Group LLC raised its stake in DraftKings by 2.5% in the 4th quarter. Greystone Financial Group LLC now owns 19,949 shares of the company’s stock valued at $742,000 after acquiring an additional 490 shares during the period. Compass Capital Corp MA ADV bought a new stake in DraftKings in the 4th quarter valued at about $359,000. Finally, Concurrent Investment Advisors LLC lifted its holdings in DraftKings by 19.1% during the fourth quarter. Concurrent Investment Advisors LLC now owns 18,224 shares of the company’s stock valued at $678,000 after purchasing an additional 2,927 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG opened at $43.36 on Thursday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $21.24 billion, a P/E ratio of -40.91, a PEG ratio of 1.43 and a beta of 1.93. The stock has a 50-day moving average price of $41.64 and a 200-day moving average price of $39.61. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DKNG has been the subject of several recent research reports. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Truist Financial increased their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Benchmark lifted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Morgan Stanley boosted their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

Insider Activity

In other news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,573,488 shares of company stock valued at $109,600,767. Corporate insiders own 48.94% of the company’s stock.

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.