Mitsubishi UFJ Asset Management Co. Ltd. Has $19.44 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 519,044 shares of the company’s stock after purchasing an additional 18,150 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.11% of DraftKings worth $19,438,000 at the end of the most recent reporting period.

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

DraftKings Price Performance

DraftKings stock opened at $35.29 on Monday. The business’s 50 day simple moving average is $42.01 and its 200 day simple moving average is $40.36. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market cap of $17.64 billion, a price-to-earnings ratio of -33.29, a PEG ratio of 1.43 and a beta of 2.07. 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 issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last three months. 51.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on DKNG shares. JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Stifel Nicolaus lifted their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Susquehanna dropped their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Finally, Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.42.

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.