Ipswich Investment Management Co. Inc. Buys Shares of 5,105 DraftKings Inc. (NASDAQ:DKNG)

Ipswich Investment Management Co. Inc. bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,105 shares of the company’s stock, valued at approximately $200,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. LRI Investments LLC acquired a new position in DraftKings in the first quarter worth approximately $31,000. Alta Advisers Ltd bought a new stake in DraftKings in the second quarter worth approximately $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings during the 2nd quarter worth $39,000. V Square Quantitative Management LLC bought a new position in shares of DraftKings during the 3rd quarter valued at $46,000. Finally, Creative Financial Designs Inc. ADV lifted its stake in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The trade was a 3.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Company insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Mizuho lifted their price objective on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Truist Financial restated a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.85.

DraftKings Price Performance

DKNG stock opened at $39.84 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.11. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The stock has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. The company has a 50 day simple moving average of $38.35 and a 200 day simple moving average of $37.94.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) 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 company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. Research analysts anticipate that DraftKings Inc. will post -0.73 EPS for the current fiscal year.

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.