Vontobel Holding Ltd. Increases Stake in DraftKings Inc. (NASDAQ:DKNG)

Vontobel Holding Ltd. increased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 40.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,744 shares of the company's stock after acquiring an additional 24,036 shares during the quarter. Vontobel Holding Ltd.'s holdings in DraftKings were worth $3,078,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of DraftKings by 14.6% during the third 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 during the last quarter. Mizuho Securities USA LLC acquired a new position in shares of DraftKings during the third quarter valued at about $28,028,000. Janney Montgomery Scott LLC increased its holdings in shares of DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after acquiring an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of DraftKings by 2.8% during 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 acquiring an additional 86,336 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock valued at $19,481,000 after acquiring an additional 350,215 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 2.6 %

Shares of NASDAQ:DKNG traded down $1.34 during midday trading on Thursday, reaching $49.44. 12,207,543 shares of the company's stock were exchanged, compared to its average volume of 10,004,508. The firm's 50 day simple moving average is $41.14 and its two-hundred day simple moving average is $39.11. 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 market cap of $24.22 billion, a price-to-earnings ratio of -46.64, a P/E/G ratio of 2.06 and a beta of 1.93. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 47.48% and a negative net margin of 10.64%. As a group, sell-side analysts forecast that DraftKings Inc. will post 0.46 EPS for the current fiscal year.

Analyst Ratings Changes

DKNG has been the topic of several recent analyst reports. Macquarie upped their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. Stifel Nicolaus increased their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of DraftKings in a report on Friday, February 14th. Finally, Susquehanna cut their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.69.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company's stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares of the company's stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,160,591 shares of company stock valued at $46,945,158. 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.