DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 42,317 shares of the company’s stock after purchasing an additional 2,351 shares during the quarter. Daiwa Securities Group Inc.’s holdings in DraftKings were worth $1,574,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings during the third quarter valued at $28,028,000. Vestmark Advisory Solutions Inc. boosted its position in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Charles Schwab Investment Management Inc. increased its stake in DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after buying an additional 350,215 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

NASDAQ DKNG opened at $37.87 on Friday. The firm has a market cap of $18.55 billion, a P/E ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock’s 50-day moving average is $42.14 and its two-hundred day moving average is $40.09. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the transaction, the director now owns 1,612 shares in the company, valued at $67,704. This trade represents a 67.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This trade represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,558,412 shares of company stock worth $108,506,588. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on DKNG shares. Wells Fargo & Company raised their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Friday, February 14th. Needham & Company LLC set a $65.00 price objective on shares of DraftKings in a research report on Tuesday, February 18th. Benchmark increased their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Finally, Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $54.44.

About DraftKings

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.