Westpac Banking Corp Acquires Shares of 1,178 DraftKings Inc. (NASDAQ:DKNG)

Westpac Banking Corp bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,178 shares of the company’s stock, valued at approximately $44,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Pine Valley Investments Ltd Liability Co raised its holdings in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after acquiring an additional 249 shares during the last quarter. Claro Advisors LLC raised its stake in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares in the last quarter. Westside Investment Management Inc. boosted its position in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after buying an additional 288 shares during the last quarter. Finally, Nvwm LLC increased its holdings in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after buying an additional 312 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DKNG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Truist Financial raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. TD Cowen decreased their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Benchmark raised their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, Stifel Nicolaus upped their price objective on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.42.

DraftKings Trading Down 2.3 %

Shares of DKNG stock opened at $31.67 on Friday. The stock’s 50-day moving average price is $41.21 and its 200-day moving average price is $40.16. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by corporate insiders.

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.