Metis Global Partners LLC Purchases Shares of 5,437 DraftKings Inc. (NASDAQ:DKNG)

Metis Global Partners LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,437 shares of the company’s stock, valued at approximately $213,000.

Several other institutional investors have also recently made changes to their positions in DKNG. LRI Investments LLC purchased a new stake in DraftKings during the 1st quarter valued at approximately $31,000. Alta Advisers Ltd purchased a new position in DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings in the 2nd quarter valued at $39,000. St. Johns Investment Management Company LLC purchased a new stake in DraftKings in the 2nd quarter worth $46,000. Finally, V Square Quantitative Management LLC bought a new position in shares of DraftKings during the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DraftKings stock opened at $43.21 on Wednesday. The stock has a market cap of $38.05 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. The firm has a 50-day moving average of $38.61 and a two-hundred day moving average of $37.89. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, research analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DKNG. JPMorgan Chase & Co. boosted their target price on DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Mizuho upped 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. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, UBS Group lifted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three 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, the company currently has an average rating of “Moderate Buy” and an average price target of $50.85.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 820,536 shares of company stock valued at $32,916,465. 48.94% of the stock is currently owned by corporate insiders.

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.