DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 37.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 11,924 shares of the company’s stock after buying an additional 3,258 shares during the period. Harvest Fund Management Co. Ltd’s holdings in DraftKings were worth $420,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. CWM LLC increased its position in shares of DraftKings by 4.3% in the 3rd quarter. CWM LLC now owns 14,345 shares of the company’s stock valued at $422,000 after acquiring an additional 589 shares during the period. DnB Asset Management AS acquired a new position in shares of DraftKings in the 3rd quarter valued at $1,600,000. Arkadios Wealth Advisors increased its position in shares of DraftKings by 6.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 8,928 shares of the company’s stock valued at $263,000 after acquiring an additional 520 shares during the period. Impact Partnership Wealth LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at $50,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings in DraftKings by 227.6% in the third quarter. Newbridge Financial Services Group Inc. now owns 11,105 shares of the company’s stock valued at $327,000 after purchasing an additional 7,715 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Down 0.9 %

NASDAQ DKNG traded down $0.36 on Wednesday, reaching $40.85. The stock had a trading volume of 6,640,452 shares, compared to its average volume of 11,689,273. The firm has a market capitalization of $35.40 billion, a price-to-earnings ratio of -23.34 and a beta of 1.86. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a 12-month low of $20.26 and a 12-month high of $49.57. The stock has a fifty day moving average price of $43.69 and a two-hundred day moving average price of $38.22.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company posted ($0.53) EPS. The firm’s revenue was up 43.9% compared to the same quarter last year. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.25 EPS for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total transaction of $20,400,000.00. Following the transaction, the insider now owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,396,101 shares of company stock valued at $58,121,509. 48.94% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. UBS Group upped their price target on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Moffett Nathanson increased their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Wells Fargo & Company raised their price target on shares of DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. BNP Paribas lowered shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research note on Friday, January 19th. Finally, Oppenheimer raised their price target on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.31.

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.