Addison Capital Co Sells 645 Shares of DraftKings Inc. (NASDAQ:DKNG)

Addison Capital Co cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,888 shares of the company’s stock after selling 645 shares during the quarter. Addison Capital Co’s holdings in DraftKings were worth $1,000,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Principal Financial Group Inc. grew its holdings in DraftKings by 14.6% in 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. Atria Investments Inc purchased a new stake in shares of DraftKings in the 3rd quarter worth approximately $215,000. Oppenheimer Asset Management Inc. grew its stake in shares of DraftKings by 79.1% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock worth $1,041,000 after buying an additional 11,734 shares during the last quarter. KBC Group NV increased its position in DraftKings by 8.3% during the 3rd quarter. KBC Group NV now owns 30,084 shares of the company’s stock valued at $1,179,000 after buying an additional 2,318 shares in the last quarter. Finally, Metis Global Partners LLC purchased a new position in DraftKings during the third quarter valued at $213,000. 37.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock worth $108,506,588 in the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on DKNG. Needham & Company LLC set a $65.00 target price on DraftKings in a research note on Tuesday, February 18th. Piper Sandler restated an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Barclays upped their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Canaccord Genuity Group upped their price objective on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Wells Fargo & Company upped their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Price Performance

NASDAQ DKNG opened at $37.87 on Monday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock has a market cap of $18.55 billion, a price-to-earnings ratio of -35.73, a PEG ratio of 1.43 and a beta of 2.07. The company’s 50 day moving average is $42.14 and its two-hundred day moving average is $40.16.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share 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.