Nikko Asset Management Americas Inc. Has $189.48 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Nikko Asset Management Americas Inc. trimmed its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 13.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,096,202 shares of the company's stock after selling 759,962 shares during the quarter. DraftKings makes up 2.1% of Nikko Asset Management Americas Inc.'s holdings, making the stock its 12th largest position. Nikko Asset Management Americas Inc. owned about 1.05% of DraftKings worth $189,477,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DKNG. Principal Financial Group Inc. lifted its position in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after buying an additional 29,991 shares during the last quarter. Atria Investments Inc bought a new stake in DraftKings in the 3rd quarter valued at $215,000. Oppenheimer Asset Management Inc. lifted its holdings in DraftKings by 79.1% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company's stock valued at $1,041,000 after purchasing an additional 11,734 shares during the last quarter. KBC Group NV boosted its position in DraftKings by 8.3% during the third quarter. KBC Group NV now owns 30,084 shares of the company's stock worth $1,179,000 after purchasing an additional 2,318 shares during the period. Finally, Metis Global Partners LLC acquired a new position in shares of DraftKings in the third quarter valued at $213,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares of the company's stock, valued at approximately $25,499,877. This represents a 7.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company's stock, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,663,966 shares of company stock worth $112,550,362 in the last ninety days. Company insiders own 51.19% of the company's stock.

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Analyst Upgrades and Downgrades

DKNG has been the subject of a number of research reports. BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. Stifel Nicolaus boosted their price objective on DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, February 18th. Barclays upped their target price on DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Piper Sandler reissued an "overweight" rating and set a $60.00 price target (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, Needham & Company LLC set a $65.00 price objective on DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.44.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded up $1.05 during trading on Friday, hitting $39.49. 9,569,075 shares of the company were exchanged, compared to its average volume of 9,591,045. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a market capitalization of $19.35 billion, a P/E ratio of -37.25, 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. The business's 50 day moving average is $42.17 and its 200-day moving average is $40.19.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued 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 return on equity of 48.13% and a negative net margin of 10.64%. Equities 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.