Swiss National Bank Raises Stake in DraftKings Inc. (NASDAQ:DKNG)

Swiss National Bank lifted its position in DraftKings Inc. (NASDAQ:DKNG) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,294,564 shares of the company’s stock after purchasing an additional 27,000 shares during the period. Swiss National Bank owned about 0.15% of DraftKings worth $50,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC boosted its stake in shares of DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after acquiring an additional 273 shares during the period. Hexagon Capital Partners LLC boosted its stake in DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock worth $63,000 after purchasing an additional 286 shares during the period. Creative Financial Designs Inc. ADV grew its holdings in DraftKings by 36.8% during the 3rd 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 in the last quarter. Brown Lisle Cummings Inc. raised its position in shares of DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares during the last quarter. Finally, HighMark Wealth Management LLC lifted its holdings in shares of DraftKings by 18.3% in the second quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company’s stock worth $81,000 after buying an additional 329 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

DKNG stock opened at $43.80 on Thursday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The firm has a market cap of $38.57 billion, a price-to-earnings ratio of -49.77 and a beta of 1.82. The business’s fifty day simple moving average is $38.71 and its two-hundred day simple moving average is $37.93. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Analysts predict that DraftKings Inc. will post -0.73 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 820,536 shares of company stock valued at $32,916,465. Corporate insiders own 48.94% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of a number of research reports. Oppenheimer reduced their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research note on Monday, October 7th. Finally, Macquarie upped their price objective on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.85.

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.