Advisors Asset Management Inc. Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Advisors Asset Management Inc. raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,860 shares of the company’s stock after buying an additional 2,978 shares during the quarter. Advisors Asset Management Inc.’s holdings in DraftKings were worth $1,249,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Mizuho Securities USA LLC purchased a new position in DraftKings during the 3rd quarter valued at about $28,028,000. Janney Montgomery Scott LLC lifted its holdings in shares of DraftKings by 51.6% during the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after purchasing an additional 128,676 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after purchasing an additional 350,215 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of DraftKings in the 2nd quarter worth approximately $1,530,000. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction on 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 directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 735,246 shares of company stock worth $29,902,158 over the last quarter. 48.94% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $43.00 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The firm has a market capitalization of $37.87 billion, a price-to-earnings ratio of -48.86 and a beta of 1.82. The firm has a 50 day moving average of $39.02 and a 200 day moving average of $37.89.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.12 billion. On average, research analysts anticipate that DraftKings Inc. will post -0.79 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a report on Monday, August 5th. TD Cowen increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. JMP Securities lifted their target price on shares of DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a report on Monday, November 11th. Macquarie raised their price target 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $50.85.

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.