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

Daiwa Securities Group Inc. boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,317 shares of the company’s stock after buying an additional 2,351 shares during the quarter. Daiwa Securities Group Inc.’s holdings in DraftKings were worth $1,574,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Stonebridge Financial Group LLC purchased a new stake in shares of DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter valued at approximately $30,000. Synergy Investment Management LLC purchased a new stake in DraftKings during the 4th quarter worth approximately $37,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings in the 3rd quarter valued at approximately $43,000. Finally, YANKCOM Partnership purchased a new position in shares of DraftKings during the 4th quarter valued at approximately $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. JMP Securities restated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research note on Friday, February 14th. Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Susquehanna cut their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. BTIG Research set a $59.00 price target on DraftKings in a research note on Monday, February 3rd. Finally, Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the transaction, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,558,412 shares of company stock worth $108,506,588. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Up 2.4 %

DKNG opened at $37.87 on Friday. The stock’s 50 day moving average price is $42.14 and its 200 day moving average price is $40.09. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market cap of $18.55 billion, a P/E ratio of -35.73, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

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