Van ECK Associates Corp Has $4.82 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Van ECK Associates Corp grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 54.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 131,693 shares of the company’s stock after purchasing an additional 46,314 shares during the quarter. Van ECK Associates Corp’s holdings in DraftKings were worth $4,820,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. LRI Investments LLC acquired a new position in shares of DraftKings in the 1st quarter valued at $31,000. Alta Advisers Ltd bought a new stake in shares of DraftKings in the 2nd quarter valued at $38,000. Redwood Wealth Management Group LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at $39,000. V Square Quantitative Management LLC bought a new stake in shares of DraftKings in the 3rd quarter valued at $46,000. Finally, Creative Financial Designs Inc. ADV increased its position in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after buying an additional 320 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Up 3.0 %

Shares of NASDAQ:DKNG opened at $40.13 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a market capitalization of $35.26 billion, a P/E ratio of -45.09 and a beta of 1.82. The company has a 50-day simple moving average of $37.55 and a 200 day simple moving average of $37.95. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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). DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Sell-side analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday. Barclays increased their target price on DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. The Goldman Sachs Group lowered their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $50.22.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade 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 1,020,536 shares of company stock worth $39,966,465. Insiders own 48.94% of the company’s stock.

DraftKings 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.