Van ECK Associates Corp Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Van ECK Associates Corp boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 54.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 131,693 shares of the company's stock after buying an additional 46,314 shares during the period. Van ECK Associates Corp's holdings in DraftKings were worth $4,820,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LRI Investments LLC purchased a new stake in DraftKings during the 1st quarter valued at $31,000. Alta Advisers Ltd purchased a new position in DraftKings in the second quarter worth $38,000. Redwood Wealth Management Group LLC purchased a new stake in DraftKings in the second quarter valued at $39,000. St. Johns Investment Management Company LLC purchased a new stake in DraftKings during the 2nd quarter worth approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of DraftKings in the 3rd quarter valued at approximately $46,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

DraftKings stock traded up $1.15 on Friday, reaching $40.13. The company's stock had a trading volume of 30,274,855 shares, compared to its average volume of 7,161,814. The business's fifty day moving average price is $37.66 and its 200 day moving average price is $37.95. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $35.26 billion, a price-to-earnings ratio of -45.09 and a beta of 1.82. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. Equities analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Susquehanna increased their target price on DraftKings from $48.00 to $50.00 and gave the company a "positive" rating in a report on Monday, October 7th. Benchmark reaffirmed a "buy" rating and set a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Bank of America lowered their price target on shares of DraftKings from $54.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, July 22nd. BMO Capital Markets reaffirmed an "outperform" rating and set a $48.00 target price on shares of DraftKings in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group lowered their target price on DraftKings from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $50.22.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares of the company's stock, valued at approximately $70,034,016.03. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 88,441 shares of the company's stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,020,536 shares of company stock worth $39,966,465 over the last 90 days. 51.19% of the stock is owned by insiders.

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.