SBI Securities Co. Ltd. Buys Shares of 6,718 DraftKings Inc. (NASDAQ:DKNG)

SBI Securities Co. Ltd. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,718 shares of the company’s stock, valued at approximately $250,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co raised its holdings in shares of DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares during the period. Claro Advisors LLC raised its holdings in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares during the period. Allworth Financial LP increased its holdings in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after purchasing an additional 271 shares during the period. Westside Investment Management Inc. increased its holdings in DraftKings by 0.6% during the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares during the period. Finally, Nvwm LLC increased its holdings in DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after purchasing an additional 312 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Susquehanna cut their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Benchmark upped their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Truist Financial upped their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Macquarie upped their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.44.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares of the company’s stock, valued at $2,629,448.20. This represents a 88.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,783,488 shares of company stock valued at $118,128,867 in the last ninety days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Up 5.1 %

Shares of NASDAQ DKNG opened at $43.41 on Thursday. The stock has a market cap of $21.27 billion, a PE ratio of -40.95, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The business has a 50-day moving average price of $42.00 and a 200 day moving average price of $39.97.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

DraftKings Company 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.