Employees Retirement System of Texas Makes New $1.82 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Employees Retirement System of Texas bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 48,970 shares of the company's stock, valued at approximately $1,822,000.

Several other large investors also recently modified their holdings of the business. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the 4th quarter valued at about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $37,000. Westpac Banking Corp bought a new stake in shares of DraftKings in the fourth quarter worth $44,000. Finally, YANKCOM Partnership acquired a new position in DraftKings during the fourth quarter worth $48,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DKNG. Citigroup restated an "outperform" rating on shares of DraftKings in a report on Wednesday, April 2nd. Barclays boosted their price target on DraftKings from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Piper Sandler reiterated an "overweight" rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $55.04.

Remove Ads

DraftKings Price Performance

Shares of NASDAQ DKNG traded down $0.51 during trading hours on Friday, hitting $34.22. 13,135,609 shares of the stock were exchanged, compared to its average volume of 9,805,454. The company's fifty day simple moving average is $40.10 and its two-hundred day simple moving average is $39.88. The company has a market cap of $17.11 billion, a PE ratio of -32.28, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In other news, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company's stock, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,575,525 shares of company stock worth $109,441,446 over the last quarter. 47.08% of the stock is currently owned by corporate 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.