McIlrath & Eck LLC Lowers Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

McIlrath & Eck LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 24.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,090 shares of the company’s stock after selling 345 shares during the period. McIlrath & Eck LLC’s holdings in DraftKings were worth $41,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Janus Henderson Group PLC boosted its holdings in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the period. Norges Bank purchased a new stake in shares of DraftKings in the fourth quarter worth $276,328,000. FMR LLC boosted its stake in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new stake in DraftKings during the fourth quarter valued at $246,765,000. Finally, Eminence Capital LP purchased a new position in DraftKings during the fourth quarter worth about $65,255,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. Guggenheim lowered their price target on DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Argus set a $60.00 price objective on shares of DraftKings in a research report on Tuesday, February 18th. JMP Securities set a $57.00 target price on shares of DraftKings in a research report on Wednesday, April 2nd. Cfra Research raised shares of DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Finally, Citigroup decreased their price target on shares of DraftKings from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.04.

DraftKings Stock Down 1.5%

Shares of NASDAQ:DKNG opened at $35.54 on Thursday. The stock’s 50-day moving average is $35.15 and its 200 day moving average is $39.30. The company has a market cap of $31.61 billion, a PE ratio of -33.53, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction dated 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 represents a 46.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 666,651 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 $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,697,908 shares of company stock worth $112,137,019. 51.19% of the stock is currently owned by company insiders.

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.