Schechter Investment Advisors LLC Reduces Position in DraftKings Inc. (NASDAQ:DKNG)

Schechter Investment Advisors LLC decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 48.0% in the fourth quarter, Holdings Channel reports. The fund owned 8,510 shares of the company’s stock after selling 7,863 shares during the period. Schechter Investment Advisors LLC’s holdings in DraftKings were worth $317,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of DKNG. Baillie Gifford & Co. purchased a new stake in shares of DraftKings in the fourth quarter valued at approximately $246,765,000. Fred Alger Management LLC grew its holdings in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after buying an additional 1,476,003 shares in the last quarter. FMR LLC increased its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the last quarter. Mizuho Securities USA LLC purchased a new position in shares of DraftKings during the 3rd quarter worth $28,028,000. Finally, Blue Whale Capital LLP boosted its position in shares of DraftKings by 59.7% during the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock valued at $64,475,000 after acquiring an additional 615,011 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Up 5.1 %

NASDAQ:DKNG opened at $43.41 on Thursday. The company has a market capitalization of $21.27 billion, a PE ratio of -40.95, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock’s 50 day moving average price is $42.00 and its 200 day moving average price is $39.97. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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%. On average, research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the 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 completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction that occurred 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 owns 179,435 shares in the company, valued at $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,783,488 shares of company stock valued at $118,128,867. Insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of a number of analyst reports. Macquarie lifted their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Benchmark lifted their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC set a $65.00 price objective on DraftKings in a research report on Tuesday, February 18th. Morgan Stanley lifted their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Susquehanna lowered their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.44.

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.