Vinva Investment Management Ltd Purchases 3,909 Shares of DraftKings Inc. (NASDAQ:DKNG)

Vinva Investment Management Ltd boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,029 shares of the company’s stock after acquiring an additional 3,909 shares during the period. Vinva Investment Management Ltd’s holdings in DraftKings were worth $669,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new position in DraftKings during the fourth quarter valued at about $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $37,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at approximately $43,000. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $48,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

DKNG stock opened at $39.49 on Friday. The business’s fifty day moving average is $42.17 and its 200-day moving average is $40.22. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a market cap of $19.35 billion, a P/E ratio of -37.25, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results 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%. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,663,966 shares of company stock valued at $112,550,362 in the last 90 days. 51.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Morgan Stanley upped their price objective on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company upped their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. TD Cowen lowered their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Canaccord Genuity Group boosted their target price on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.44.

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.