Van ECK Associates Corp Buys 74,419 Shares of DraftKings Inc. (NASDAQ:DKNG)

Van ECK Associates Corp increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 56.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 206,112 shares of the company's stock after buying an additional 74,419 shares during the period. Van ECK Associates Corp's holdings in DraftKings were worth $7,667,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock worth $312,361,000 after purchasing an additional 284,131 shares during the period. FMR LLC boosted its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Fred Alger Management LLC grew its position in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. Westfield Capital Management Co. LP raised its stake in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company's stock worth $144,963,000 after buying an additional 236,427 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock valued at $124,470,000 after buying an additional 86,336 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Down 7.8 %

DKNG traded down $3.87 during trading hours on Friday, hitting $45.57. 16,259,512 shares of the company's stock were exchanged, compared to its average volume of 10,188,783. The stock has a market cap of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.91 and a beta of 1.93. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The stock's 50-day moving average is $41.41 and its two-hundred day moving average is $39.28. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data 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%. Sell-side analysts predict that DraftKings Inc. will post 0.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a report on Friday, February 14th. JPMorgan Chase & Co. lifted their price objective on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday. Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Canaccord Genuity Group boosted their target price on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Finally, Truist Financial upped their price target on DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.69.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the company'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 sale, the insider now directly owns 541,884 shares of the company's stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares of the company's stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,160,591 shares of company stock valued at $46,945,158. Insiders own 51.19% of the company's stock.

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.