CIBC Asset Management Inc Has $537,000 Stock Position in DraftKings Inc. (NASDAQ:DKNG)

CIBC Asset Management Inc grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 13,690 shares of the company’s stock after buying an additional 469 shares during the quarter. CIBC Asset Management Inc’s holdings in DraftKings were worth $537,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on DKNG shares. Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a report on Tuesday, September 10th. Oppenheimer reduced their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Morgan Stanley raised their target price 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. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

DraftKings Stock Performance

NASDAQ DKNG opened at $43.80 on Thursday. The firm’s 50 day simple moving average is $38.71 and its 200 day simple moving average is $37.93. The firm has a market capitalization of $38.57 billion, a price-to-earnings ratio of -49.77 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly 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). The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts expect that DraftKings Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 820,536 shares of company stock worth $32,916,465. Corporate insiders own 48.94% 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.