DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by D.A. Davidson & CO.

D.A. Davidson & CO. raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,972 shares of the company’s stock after acquiring an additional 569 shares during the quarter. D.A. Davidson & CO.’s holdings in DraftKings were worth $940,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in DKNG. FMR LLC raised its stake in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of 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. Canton Hathaway LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $160,000. Blue Whale Capital LLP boosted its position in DraftKings by 59.7% during the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock worth $64,475,000 after acquiring an additional 615,011 shares during the last quarter. Finally, Bank of Hawaii grew its stake in DraftKings by 99.1% in the 3rd quarter. Bank of Hawaii now owns 52,713 shares of the company’s stock worth $2,066,000 after acquiring an additional 26,235 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG opened at $43.65 on Monday. The firm has a 50-day moving average of $39.36 and a two-hundred day moving average of $37.86. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $38.44 billion, a P/E ratio of -49.60 and a beta of 1.82. 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) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. On average, research analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 735,246 shares of company stock worth $29,902,158. 51.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. BMO Capital Markets restated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a report on Wednesday, October 16th. Oppenheimer dropped their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Wells Fargo & Company raised their target price 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. Macquarie upped their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.04.

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.