Jacobs Levy Equity Management Inc. Has $328,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Jacobs Levy Equity Management Inc. lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,362 shares of the company’s stock after selling 773 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in DraftKings were worth $328,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of DKNG. Alta Advisers Ltd acquired a new position in shares of DraftKings in the second quarter valued at approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings in the second quarter valued at approximately $39,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $46,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares during the period. Finally, St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings in the second quarter valued at approximately $46,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $41.70 on Wednesday. The firm has a 50-day moving average of $39.84 and a 200-day moving average of $37.89. 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 has a market cap of $36.72 billion, a PE ratio of -47.39 and a beta of 1.87. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. On average, sell-side analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on DKNG shares. Macquarie upped their price target on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. UBS Group boosted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Finally, Susquehanna boosted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $51.04.

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.