The Manufacturers Life Insurance Company Purchases 487 Shares of DraftKings Inc. (NASDAQ:DKNG)

The Manufacturers Life Insurance Company increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,621 shares of the company’s stock after purchasing an additional 487 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in DraftKings were worth $940,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Transcendent Capital Group LLC purchased a new position in shares of DraftKings in the 4th quarter worth approximately $26,000. LRI Investments LLC bought a new stake in DraftKings during the first quarter worth $31,000. Concord Wealth Partners boosted its position in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. Alta Advisers Ltd bought a new position in DraftKings in the 2nd quarter valued at $38,000. Finally, Redwood Wealth Management Group LLC purchased a new stake in shares of DraftKings during the 2nd quarter valued at $39,000. 37.70% of the stock is owned by institutional investors.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 643,654 shares of the business’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 completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,132,095 shares of company stock valued at $42,890,328. Insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $38.44 on Monday. The firm has a market capitalization of $33.41 billion, a P/E ratio of -32.58 and a beta of 1.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock’s 50-day simple moving average is $36.08 and its two-hundred day simple moving average is $38.85. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating 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 business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the firm posted ($0.17) earnings per share. DraftKings’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, equities analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Guggenheim reduced their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Truist Financial reissued a “buy” rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research note on Tuesday, September 10th. Macquarie reissued an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a research report on Monday, August 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of DraftKings in a research report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $49.89.

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.