Harbor Capital Advisors Inc. Cuts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Harbor Capital Advisors Inc. cut its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 38.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,646 shares of the company’s stock after selling 4,754 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in DraftKings were worth $284,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in DKNG. Principal Financial Group Inc. raised its position 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 acquiring an additional 29,991 shares during the period. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings during the 3rd quarter worth approximately $28,028,000. Janney Montgomery Scott LLC raised its holdings in shares of DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after purchasing an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after purchasing an additional 350,215 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Trading Up 0.4 %

NASDAQ DKNG opened at $40.00 on Wednesday. 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 stock’s 50-day simple moving average is $40.64 and its two-hundred day simple moving average is $37.93. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a market capitalization of $35.23 billion, a price-to-earnings ratio of -45.45 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Research analysts forecast that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated 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 sale, the insider now owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,052,183 shares of company stock worth $41,303,025 over the last three months. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on DKNG shares. Wells Fargo & Company upped their price target on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Barclays upped their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Mizuho lifted their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Macquarie upped their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $51.08.

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.