Korea Investment CORP grew its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 95.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 307,472 shares of the company's stock after buying an additional 150,311 shares during the quarter. Korea Investment CORP owned 0.06% of DraftKings worth $11,438,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of DKNG. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at $37,000. Delos Wealth Advisors LLC purchased a new position in DraftKings in the third quarter valued at $43,000. Finally, YANKCOM Partnership purchased a new position in DraftKings in the fourth quarter valued at $48,000. Hedge funds and other institutional investors own 37.70% of the company's stock.
DraftKings Stock Performance
Shares of DKNG traded down $0.73 during mid-day trading on Friday, hitting $31.67. 18,103,217 shares of the company's stock were exchanged, compared to its average volume of 9,664,978. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The business's 50 day moving average is $41.21 and its two-hundred day moving average is $40.15. The firm has a market capitalization of $15.83 billion, a P/E ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16.
DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. On average, equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the company. Truist Financial increased their price target on DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Cowen reissued a "buy" rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Benchmark lifted their price target on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $54.42.
View Our Latest Stock Analysis on DKNG
Insider Activity at DraftKings
In other news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock worth $117,241,446 in the last three months. Insiders own 51.19% of the company's stock.
DraftKings Profile
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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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