Cerity Partners LLC Has $624,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Cerity Partners LLC decreased its stake in DraftKings Inc. (NASDAQ:DKNG) by 8.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,496 shares of the company’s stock after selling 1,441 shares during the period. Cerity Partners LLC’s holdings in DraftKings were worth $624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. FMR LLC boosted its holdings in shares of DraftKings by 110.6% in the 4th 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 last quarter. Geode Capital Management LLC grew its stake in shares of DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after buying an additional 89,988 shares in the last quarter. Norges Bank acquired a new position in DraftKings during the fourth quarter worth $276,328,000. Finally, Massachusetts Financial Services Co. MA raised its position in DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock worth $252,867,000 after acquiring an additional 1,036,763 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the sale, the insider now owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now owns 682,764 shares of the company’s stock, valued at $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,575,525 shares of company stock valued at $109,441,446. 51.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on DKNG. Canaccord Genuity Group lifted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Guggenheim reduced their price target on DraftKings from $62.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, April 10th. JMP Securities set a $57.00 price objective on DraftKings in a research note on Wednesday, April 2nd. Barclays lifted their target price on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Finally, Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.27.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $33.61 on Monday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $29.68 billion, a PE ratio of -31.71, a PEG ratio of 1.43 and a beta of 2.16. The firm has a 50 day moving average of $39.21 and a 200-day moving average of $39.70. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.