DraftKings Inc. (NASDAQ:DKNG) Stake Increased by Means Investment CO. Inc.

Means Investment CO. Inc. raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,214 shares of the company’s stock after acquiring an additional 1,414 shares during the quarter. Means Investment CO. Inc.’s holdings in DraftKings were worth $454,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DKNG. The Manufacturers Life Insurance Company lifted its position in shares of DraftKings by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 24,621 shares of the company’s stock worth $940,000 after purchasing an additional 487 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in DraftKings by 2.1% during the 2nd quarter. NewEdge Advisors LLC now owns 43,191 shares of the company’s stock worth $1,649,000 after buying an additional 902 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of DraftKings by 5.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 35,916 shares of the company’s stock worth $1,371,000 after acquiring an additional 1,902 shares in the last quarter. Truist Financial Corp increased its holdings in shares of DraftKings by 3.4% in the 2nd quarter. Truist Financial Corp now owns 122,608 shares of the company’s stock valued at $4,680,000 after acquiring an additional 3,975 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of DraftKings during the 2nd quarter valued at approximately $1,530,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Down 1.8 %

NASDAQ DKNG opened at $41.95 on Monday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company’s 50 day simple moving average is $40.46 and its 200 day simple moving average is $38.23.

DraftKings (NASDAQ:DKNG) last announced 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). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. TD Cowen lifted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. JMP Securities cut their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Susquehanna lowered their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.08.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 200,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. The trade was a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction on 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 sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock worth $38,082,888 in the last quarter. 48.94% of the stock is owned by company 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.