Daiwa Securities Group Inc. Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Daiwa Securities Group Inc. lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 8.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,966 shares of the company’s stock after buying an additional 2,980 shares during the quarter. Daiwa Securities Group Inc.’s holdings in DraftKings were worth $1,567,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of DKNG. Janus Henderson Group PLC raised its holdings in shares of DraftKings by 93.9% in the first quarter. Janus Henderson Group PLC now owns 26,606 shares of the company’s stock worth $1,208,000 after buying an additional 12,888 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of DraftKings by 52.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 25,228 shares of the company’s stock worth $1,146,000 after buying an additional 8,692 shares during the period. Comerica Bank raised its holdings in shares of DraftKings by 19.3% in the first quarter. Comerica Bank now owns 124,397 shares of the company’s stock worth $5,649,000 after buying an additional 20,164 shares during the period. LRI Investments LLC purchased a new stake in shares of DraftKings in the first quarter worth approximately $33,000. Finally, Invst LLC purchased a new position in DraftKings during the 1st quarter worth $207,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DKNG has been the topic of several research reports. Oppenheimer reduced their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. TD Cowen raised their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. The Goldman Sachs Group reduced their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Mizuho raised 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. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.04.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at approximately $5,662,581.92. This represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is owned by company insiders.

DraftKings Stock Down 0.1 %

DraftKings stock opened at $43.03 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $37.89 billion, a price-to-earnings ratio of -48.90 and a beta of 1.82. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The business has a fifty day moving average price of $39.27 and a 200-day moving average price of $37.96.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Equities research analysts forecast that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

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.