Mizuho Securities USA LLC Invests $28.03 Million in DraftKings Inc. (NASDAQ:DKNG)

Mizuho Securities USA LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 715,000 shares of the company's stock, valued at approximately $28,028,000. Mizuho Securities USA LLC owned approximately 0.08% of DraftKings as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of DKNG. Janney Montgomery Scott LLC boosted its holdings in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $1,530,000. Romano Brothers AND Company purchased a new position in shares of DraftKings during the 3rd quarter worth $1,181,000. US Bancorp DE boosted its stake in DraftKings by 110.2% during the third quarter. US Bancorp DE now owns 859,715 shares of the company's stock worth $33,701,000 after buying an additional 450,773 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company's stock valued at $3,129,000 after acquiring an additional 31,880 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on DKNG shares. BMO Capital Markets reaffirmed an "outperform" rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Susquehanna increased their target price on DraftKings from $48.00 to $50.00 and gave the stock a "positive" rating in a research note on Monday, October 7th. Stifel Nicolaus reiterated a "buy" rating and set a $48.00 price target (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Mizuho raised their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Finally, 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 report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.85.

DraftKings Stock Performance

Shares of NASDAQ DKNG traded down $1.30 during trading hours on Friday, reaching $39.84. The stock had a trading volume of 11,524,596 shares, compared to its average volume of 10,384,780. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The firm has a 50-day moving average of $38.35 and a 200-day moving average of $37.94. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $1.12 billion. Equities research analysts predict that DraftKings Inc. will post -0.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares of the company's stock, valued at approximately $89,045,934.12. The trade was a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares of the company's stock, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,020,536 shares of company stock valued at $39,966,465. Insiders own 51.19% of the company's stock.

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.