Canada Pension Plan Investment Board lifted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 743,587 shares of the company's stock after purchasing an additional 130,922 shares during the period. Canada Pension Plan Investment Board owned 0.15% of DraftKings worth $27,661,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new position in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new stake in DraftKings during the fourth quarter worth about $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings during the 4th quarter worth approximately $37,000. Westpac Banking Corp bought a new stake in DraftKings during the fourth quarter worth $44,000. Finally, YANKCOM Partnership acquired a new stake in DraftKings in the fourth quarter valued at $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities analysts have weighed in on the company. Cfra Research upgraded DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. TD Cowen dropped their price target on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Stifel Nicolaus reduced their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research report on Monday, April 7th. Finally, Piper Sandler restated an "overweight" rating and issued a $60.00 price target (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.74.
Check Out Our Latest Report on DraftKings
Insider Transactions at DraftKings
In other DraftKings news, insider Jason Robins sold 666,651 shares of the company's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares of the company's stock, valued at approximately $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,628,302 shares of company stock worth $111,145,088 over the last three months. 51.19% of the stock is owned by company insiders.
DraftKings Trading Up 0.4 %
NASDAQ DKNG traded up $0.13 on Thursday, hitting $34.18. The company's stock had a trading volume of 7,555,767 shares, compared to its average volume of 9,772,141. The company's 50-day moving average is $38.30 and its 200 day moving average is $39.58. The firm has a market cap of $30.18 billion, a PE ratio of -32.25, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. 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 (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data 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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.
DraftKings Company Profile
(
Free Report)
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.
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