Fideuram Intesa Sanpaolo Private Banking S.P.A. Acquires New Position in DraftKings Inc. $DKNG

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 22,483 shares of the company’s stock, valued at approximately $775,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Viking Global Investors LP purchased a new position in DraftKings during the third quarter valued at approximately $561,125,000. AQR Capital Management LLC increased its stake in shares of DraftKings by 63.5% in the third quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock worth $437,044,000 after purchasing an additional 4,538,007 shares in the last quarter. Eminence Capital LP increased its stake in shares of DraftKings by 31.9% in the third quarter. Eminence Capital LP now owns 6,274,863 shares of the company’s stock worth $234,680,000 after purchasing an additional 1,517,413 shares in the last quarter. Vanguard Group Inc. raised its position in shares of DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares during the period. Finally, Nordea Investment Management AB raised its position in shares of DraftKings by 208.8% during the 4th quarter. Nordea Investment Management AB now owns 1,300,308 shares of the company’s stock valued at $45,329,000 after purchasing an additional 879,181 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 2,150 shares of DraftKings stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $25.60, for a total value of $55,040.00. Following the sale, the director owned 1,406 shares of the company’s stock, valued at $35,993.60. The trade was a 60.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 523,684 shares of company stock worth $13,193,934. 47.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BTIG Research upped their target price on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft cut DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. Oppenheimer dropped their price objective on DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Citigroup increased their target price on DraftKings from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Finally, Scotiabank raised DraftKings to an “outperform” rating in a research note on Friday, April 24th. Twenty-seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $34.32.

DraftKings Stock Up 1.6%

Shares of DKNG stock opened at $25.40 on Friday. The company’s fifty day simple moving average is $23.69 and its two-hundred day simple moving average is $27.96. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The stock has a market cap of $12.60 billion, a P/E ratio of 423.33 and a beta of 1.67. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) earnings per share. Analysts predict that DraftKings Inc. will post 0.62 EPS for the current fiscal year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.