Commerce Bank Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Commerce Bank boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 56.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 22,809 shares of the company’s stock after buying an additional 8,185 shares during the period. Commerce Bank’s holdings in DraftKings were worth $894,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. LRI Investments LLC purchased a new stake in shares of DraftKings during the first quarter worth about $31,000. Alta Advisers Ltd purchased a new stake in DraftKings during the 2nd quarter valued at approximately $38,000. Redwood Wealth Management Group LLC bought a new stake in shares of DraftKings during the second quarter valued at approximately $39,000. V Square Quantitative Management LLC purchased a new position in shares of DraftKings in the third quarter worth $46,000. Finally, Creative Financial Designs Inc. ADV boosted its position in shares of DraftKings by 36.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after acquiring an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. TD Cowen raised their target price on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, UBS Group lifted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Stock Down 1.1 %

DraftKings stock opened at $43.09 on Monday. 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 firm has a market cap of $37.95 billion, a P/E ratio of -48.97 and a beta of 1.82. The business has a fifty day moving average of $38.92 and a two-hundred day moving average of $37.89. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued 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). The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jason Robins sold 3,151 shares of the company’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 transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 735,246 shares of company stock worth $29,902,158 in the last 90 days. 51.19% of the stock is owned by corporate 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.