Gateway Investment Advisers LLC Sells 29,765 Shares of DraftKings Inc. (NASDAQ:DKNG)

Gateway Investment Advisers LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 57.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 22,454 shares of the company’s stock after selling 29,765 shares during the quarter. Gateway Investment Advisers LLC’s holdings in DraftKings were worth $835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Pine Valley Investments Ltd Liability Co increased its holdings in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after acquiring an additional 249 shares in the last quarter. Claro Advisors LLC increased its holdings in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares during the period. Global Retirement Partners LLC raised its stake in DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares during the last quarter. Creative Financial Designs Inc. ADV increased its holdings in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the period. Finally, Smith Thornton Advisors LLC lifted its stake in DraftKings by 3.9% in the 3rd quarter. Smith Thornton Advisors LLC now owns 9,552 shares of the company’s stock valued at $374,000 after buying an additional 360 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 1.0 %

NASDAQ:DKNG opened at $39.29 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market capitalization of $34.60 billion, a P/E ratio of -44.65, a P/E/G ratio of 2.99 and a beta of 1.90. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a fifty day moving average of $40.65 and a 200 day moving average of $37.97.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, research analysts predict that DraftKings Inc. will post -0.83 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Susquehanna lowered their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. TD Cowen raised their target price on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Morgan Stanley lifted their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 228,496 shares of the firm’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 value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,052,183 shares of company stock valued at $41,303,025 over the last ninety days. 48.94% of the stock is currently owned by company insiders.

DraftKings 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.