Eastern Bank Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

Eastern Bank purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,500 shares of the company’s stock, valued at approximately $59,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC boosted its stake in DraftKings by 9.0% during the third quarter. Signaturefd LLC now owns 5,610 shares of the company’s stock valued at $220,000 after buying an additional 464 shares during the last quarter. Foundations Investment Advisors LLC boosted its stake in DraftKings by 14.0% during the third quarter. Foundations Investment Advisors LLC now owns 39,667 shares of the company’s stock valued at $1,555,000 after buying an additional 4,870 shares during the last quarter. Venture Visionary Partners LLC lifted its stake in shares of DraftKings by 159.1% in the 3rd quarter. Venture Visionary Partners LLC now owns 110,330 shares of the company’s stock valued at $4,325,000 after purchasing an additional 67,740 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of DraftKings by 14.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,400,331 shares of the company’s stock valued at $94,093,000 after purchasing an additional 298,365 shares during the last quarter. Finally, Means Investment CO. Inc. lifted its stake in shares of DraftKings by 21.8% in the 3rd quarter. Means Investment CO. Inc. now owns 10,800 shares of the company’s stock valued at $423,000 after purchasing an additional 1,932 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,220,536 shares of company stock valued at $46,110,465 in the last quarter. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Trading Down 0.8 %

Shares of NASDAQ:DKNG opened at $36.47 on Friday. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The business’s fifty day simple moving average is $37.20 and its 200-day simple moving average is $38.45. The company has a market capitalization of $31.70 billion, a PE ratio of -31.24 and a beta of 1.81. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period last year, the business posted ($0.17) EPS. The business’s revenue was up 26.2% compared to the same quarter last year. As a group, equities research analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several analyst reports. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Macquarie reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Monday, August 26th. Oppenheimer lowered their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group lowered their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Barclays raised their price target on DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $50.22.

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.