Van ECK Associates Corp Has $3.26 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Van ECK Associates Corp decreased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 13.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 85,379 shares of the company’s stock after selling 13,310 shares during the quarter. Van ECK Associates Corp’s holdings in DraftKings were worth $3,259,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DKNG. Vanguard Group Inc. raised its position in shares of DraftKings by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after buying an additional 747,937 shares in the last quarter. Norges Bank acquired a new position in DraftKings during the fourth quarter valued at approximately $192,140,000. Massachusetts Financial Services Co. MA raised its position in DraftKings by 21.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock valued at $155,979,000 after purchasing an additional 781,058 shares in the last quarter. First Trust Advisors LP raised its position in DraftKings by 148.2% during the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in DraftKings by 20.6% during the first quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after purchasing an additional 663,427 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on DKNG shares. Truist Financial restated a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Wednesday, August 14th. BMO Capital Markets lowered their price target on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Wells Fargo & Company lowered their price target on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, August 5th. The Goldman Sachs Group lowered their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.52.

Insider Buying and Selling

In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry Sloan sold 250,000 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The disclosure for this sale can be found here. Insiders have sold 1,470,537 shares of company stock worth $54,321,570 in the last quarter. Insiders own 51.19% of the company’s stock.

DraftKings Trading Up 4.2 %

DKNG opened at $35.73 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The firm has a market capitalization of $31.06 billion, a PE ratio of -30.28 and a beta of 1.80. The company’s 50-day moving average is $35.30 and its 200 day moving average is $39.79.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the business posted ($0.17) EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. As a group, research analysts predict that DraftKings Inc. will post -0.31 earnings per share 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.