Mitsubishi UFJ Asset Management Co. Ltd. Purchases 18,150 Shares of DraftKings Inc. (NASDAQ:DKNG)

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in DraftKings Inc. (NASDAQ:DKNG) by 3.6% in the 4th quarter, Holdings Channel reports. The firm owned 519,044 shares of the company’s stock after buying an additional 18,150 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in DraftKings were worth $19,438,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DKNG. The Manufacturers Life Insurance Company grew its position in DraftKings by 4.2% during the third quarter. The Manufacturers Life Insurance Company now owns 25,660 shares of the company’s stock worth $1,006,000 after buying an additional 1,039 shares in the last quarter. FMR LLC grew its holdings in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of DraftKings by 2.4% in the third quarter. D.A. Davidson & CO. now owns 23,972 shares of the company’s stock worth $940,000 after purchasing an additional 569 shares during the last quarter. Townsquare Capital LLC raised its stake in DraftKings by 4.3% in the third quarter. Townsquare Capital LLC now owns 12,126 shares of the company’s stock valued at $475,000 after purchasing an additional 501 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in DraftKings by 9.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,890 shares of the company’s stock valued at $3,288,000 after purchasing an additional 7,055 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on DKNG shares. Barclays increased their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. TD Cowen reduced their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Susquehanna reduced their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. 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 research report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.42.

DraftKings Price Performance

DKNG opened at $35.29 on Monday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The stock has a market capitalization of $17.64 billion, a PE ratio of -33.29, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock’s 50 day moving average price is $42.01 and its 200-day moving average price is $40.36. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) 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, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the sale, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. The trade was a 7.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. This trade represents a 48.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last three months. Corporate insiders own 51.19% of the company’s stock.

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.