KBC Group NV Increases Stake in DraftKings Inc. (NASDAQ:DKNG)

KBC Group NV raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,084 shares of the company’s stock after acquiring an additional 2,318 shares during the quarter. KBC Group NV’s holdings in DraftKings were worth $1,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Oppenheimer & Co. Inc. lifted its position in DraftKings by 4.6% during the third quarter. Oppenheimer & Co. Inc. now owns 76,248 shares of the company’s stock valued at $2,989,000 after purchasing an additional 3,367 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of DraftKings by 79.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock valued at $1,041,000 after buying an additional 11,734 shares in the last quarter. Future Fund LLC bought a new position in shares of DraftKings during the 3rd quarter valued at approximately $736,000. Consolidated Investment Group LLC purchased a new stake in DraftKings in the 3rd quarter worth approximately $1,627,000. Finally, Tyler Stone Wealth Management raised its stake in DraftKings by 130.4% during the 3rd quarter. Tyler Stone Wealth Management now owns 11,378 shares of the company’s stock worth $446,000 after acquiring an additional 6,439 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Up 6.3 %

Shares of NASDAQ DKNG opened at $42.35 on Tuesday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. The company has a market cap of $37.30 billion, a price-to-earnings ratio of -48.13 and a beta of 1.82. The business’s 50 day moving average price is $38.48 and its 200-day moving average price is $37.88.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on DKNG shares. Susquehanna increased their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Bank of America lowered their target price on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. UBS Group raised their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Oppenheimer decreased their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $50.85.

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.