Allstate Corp Acquires Shares of 12,844 DraftKings Inc. (NASDAQ:DKNG)

Allstate Corp bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 12,844 shares of the company’s stock, valued at approximately $478,000.

A number of other large investors have also recently modified their holdings of the stock. Principal Financial Group Inc. boosted its position in DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. lifted its stake in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of DraftKings by 2.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock valued at $58,038,000 after purchasing an additional 35,466 shares in the last quarter. Stifel Financial Corp grew its stake in DraftKings by 27.7% in the third quarter. Stifel Financial Corp now owns 195,628 shares of the company’s stock worth $7,669,000 after purchasing an additional 42,431 shares during the period. Finally, Bryn Mawr Capital Management LLC bought a new position in DraftKings in the fourth quarter worth $874,000. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.1 %

DraftKings stock opened at $33.19 on Wednesday. The business has a 50-day simple moving average of $41.72 and a two-hundred day simple moving average of $40.29. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a market cap of $16.59 billion, a P/E ratio of -31.31, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last announced 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 net margin of 10.64% and a negative return on equity of 48.13%. Analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DKNG shares. Morgan Stanley upped their target price on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Stifel Nicolaus raised their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Argus set a $60.00 price target on DraftKings in a research report on Tuesday, February 18th. Truist Financial upped their price target on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Finally, Susquehanna lowered their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $54.42.

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.