Oddo BHF Asset Management Sas Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Oddo BHF Asset Management Sas purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 30,392 shares of the company's stock, valued at approximately $1,191,000.

Several other hedge funds have also recently bought and sold shares of the stock. Marshall Wace LLP increased its stake 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 worth $359,196,000 after purchasing an additional 3,269,932 shares during the period. Geode Capital Management LLC lifted its holdings in shares of DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock worth $312,361,000 after buying an additional 284,131 shares in the last quarter. FMR LLC boosted its position in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of DraftKings by 8.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company's stock valued at $220,518,000 after acquiring an additional 441,975 shares in the last quarter. Finally, Fred Alger Management LLC increased its position in DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 3.8 %

Shares of DraftKings stock traded down $1.59 on Friday, hitting $39.88. The stock had a trading volume of 10,980,103 shares, compared to its average volume of 10,147,942. The stock has a 50 day moving average of $40.07 and a 200 day moving average of $37.94. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The firm has a market capitalization of $35.12 billion, a P/E ratio of -45.32 and a beta of 1.87.

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

Analysts Set New Price Targets

DKNG has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an "overweight" rating in a report on Thursday, October 17th. Susquehanna boosted their price target on DraftKings from $48.00 to $50.00 and gave the company a "positive" rating in a research note on Monday, October 7th. TD Cowen raised their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business's stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares of the company's stock, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 963,742 shares of company stock worth $39,668,077. 51.19% of the stock is currently owned by insiders.

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.