Midwest Financial Group LLC Sells 1,200 Shares of DraftKings Inc. (NASDAQ:DKNG)

Midwest Financial Group LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 15,850 shares of the company’s stock after selling 1,200 shares during the quarter. Midwest Financial Group LLC’s holdings in DraftKings were worth $590,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Amalgamated Bank raised its stake in shares of DraftKings by 8.7% in the second quarter. Amalgamated Bank now owns 30,032 shares of the company’s stock worth $1,146,000 after acquiring an additional 2,412 shares during the last quarter. Blair William & Co. IL raised its position in DraftKings by 6.8% in the 2nd quarter. Blair William & Co. IL now owns 21,327 shares of the company’s stock worth $814,000 after purchasing an additional 1,358 shares during the last quarter. Sei Investments Co. lifted its holdings in DraftKings by 7.3% during the 2nd quarter. Sei Investments Co. now owns 429,586 shares of the company’s stock worth $16,397,000 after buying an additional 29,365 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in DraftKings by 3,638.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 207,212 shares of the company’s stock valued at $7,909,000 after buying an additional 201,670 shares during the last quarter. Finally, Xponance Inc. increased its stake in shares of DraftKings by 7.0% in the 2nd quarter. Xponance Inc. now owns 77,805 shares of the company’s stock valued at $2,970,000 after buying an additional 5,061 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Price Performance

NASDAQ:DKNG opened at $41.82 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a market cap of $36.83 billion, a P/E ratio of -47.51, a P/E/G ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day simple moving average is $40.56 and its 200 day simple moving average is $38.07.

DraftKings (NASDAQ:DKNG) last posted 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). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.9 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DKNG. Barclays raised their price target on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. TD Cowen increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Susquehanna lowered their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. increased their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Morgan Stanley upped their price objective on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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 dated Monday, December 9th. The shares were 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 owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock worth $38,082,888 over the last quarter. 51.19% of the stock is currently owned by insiders.

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.