TD Waterhouse Canada Inc. Purchases 176,490 Shares of DraftKings Inc. (NASDAQ:DKNG)

TD Waterhouse Canada Inc. increased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6,408.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 179,244 shares of the company's stock after acquiring an additional 176,490 shares during the period. TD Waterhouse Canada Inc.'s holdings in DraftKings were worth $6,664,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of DraftKings by 14.6% in the 3rd 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 in the last quarter. Vestmark Advisory Solutions Inc. grew its position in DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock worth $4,766,000 after acquiring an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth $874,000. Highland Capital Management LLC bought a new position in shares of DraftKings during the 4th quarter valued at $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after purchasing an additional 6,059 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on DKNG shares. BMO Capital Markets restated an "outperform" rating and set a $65.00 target price on shares of DraftKings in a report on Thursday. Stifel Nicolaus cut their price objective on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday. Piper Sandler reaffirmed an "overweight" rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. JMP Securities set a $57.00 price target on shares of DraftKings in a research report on Wednesday, April 2nd. Finally, Benchmark upped their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.75.

DraftKings Price Performance

Shares of DKNG stock traded down $0.39 during trading hours on Friday, hitting $33.79. 10,415,595 shares of the company's stock were exchanged, compared to its average volume of 9,795,437. The stock's 50-day moving average is $37.56 and its 200-day moving average is $39.52. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The stock has a market cap of $29.84 billion, a price-to-earnings ratio of -31.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.28) 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%. As a group, research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now owns 601,520 shares of the company's stock, valued at approximately $19,417,065.60. The trade was a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company's stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,628,302 shares of company stock valued at $111,145,088 in the last ninety days. 51.19% of the stock is owned by insiders.

DraftKings 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.