Natixis Advisors LLC Purchases 36,874 Shares of DraftKings Inc. (NASDAQ:DKNG)

Natixis Advisors LLC raised its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 293.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 49,426 shares of the company's stock after buying an additional 36,874 shares during the quarter. Natixis Advisors LLC's holdings in DraftKings were worth $1,937,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Marshall Wace LLP grew its holdings in shares of DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock valued at $359,196,000 after buying an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company's stock valued at $61,545,000 after acquiring an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP acquired a new position in shares of DraftKings in the 2nd quarter valued at about $39,306,000. AQR Capital Management LLC increased its holdings in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company's stock valued at $144,905,000 after purchasing an additional 870,789 shares during the period. Finally, Mizuho Securities USA LLC purchased a new stake in shares of DraftKings in the third quarter worth approximately $28,028,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Mizuho increased their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. Benchmark reaffirmed a "buy" rating and issued a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Oppenheimer cut their price target on DraftKings from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Monday, August 5th. Wells Fargo & Company boosted their price target on DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. raised their price objective on shares of DraftKings from $48.00 to $54.00 and gave the company an "overweight" rating in a research report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $50.85.

DraftKings Trading Down 0.1 %

Shares of DraftKings stock traded down $0.04 during trading hours on Tuesday, hitting $42.96. The company's stock had a trading volume of 2,672,279 shares, compared to its average volume of 10,296,851. The company has a market capitalization of $37.83 billion, a PE ratio of -48.86 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a 50 day moving average of $39.02 and a 200 day moving average of $37.89. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Analysts predict that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company's stock, valued at $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 735,246 shares of company stock worth $29,902,158. Insiders own 48.94% of the company's stock.

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.