Daiwa Securities Group Inc. Grows Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Daiwa Securities Group Inc. raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 39,966 shares of the company’s stock after acquiring an additional 2,980 shares during the period. Daiwa Securities Group Inc.’s holdings in DraftKings were worth $1,567,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. LRI Investments LLC purchased a new position in shares of DraftKings in the 1st quarter valued at about $33,000. Alta Advisers Ltd purchased a new position in shares of DraftKings in the 2nd quarter valued at about $38,000. Redwood Wealth Management Group LLC purchased a new position in shares of DraftKings in the 2nd quarter valued at about $39,000. St. Johns Investment Management Company LLC purchased a new position in shares of DraftKings in the 2nd quarter valued at about $46,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of DraftKings in the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 735,246 shares of company stock valued at $29,902,158 over the last quarter. 51.19% of the stock is owned by company insiders.

DraftKings Trading Down 0.1 %

DKNG opened at $43.03 on Friday. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The stock has a market capitalization of $37.89 billion, a PE ratio of -48.90 and a beta of 1.82. The business’s 50 day moving average price is $39.27 and its 200 day moving average price is $37.96. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, equities research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on DKNG shares. JMP Securities lifted their price target on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. BMO Capital Markets restated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. The Goldman Sachs Group lowered their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, TD Cowen lifted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $51.04.

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.