Vinva Investment Management Ltd Buys 87,851 Shares of DraftKings Inc. (NASDAQ:DKNG)

Vinva Investment Management Ltd lifted its position in DraftKings Inc. (NASDAQ:DKNGFree Report) by 507.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,147 shares of the company’s stock after buying an additional 87,851 shares during the period. Vinva Investment Management Ltd’s holdings in DraftKings were worth $3,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Fifth Third Bancorp boosted its position in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the last quarter. Cornerstone Wealth Management LLC increased its holdings in DraftKings by 4.4% during the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock valued at $285,000 after buying an additional 341 shares during the last quarter. Stratos Wealth Advisors LLC boosted its stake in shares of DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after acquiring an additional 381 shares during the last quarter. Signaturefd LLC grew its position in shares of DraftKings by 7.9% during the 4th quarter. Signaturefd LLC now owns 5,774 shares of the company’s stock valued at $204,000 after acquiring an additional 424 shares during the period. Finally, Highlander Capital Management LLC increased its stake in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In other news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the transaction, the director now owns 6,814 shares in the company, valued at approximately $244,758.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 601,450 shares of company stock worth $25,486,084. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DKNG. Jefferies Financial Group boosted their price target on DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a report on Monday, May 6th. Oppenheimer reissued an “outperform” rating and issued a $60.00 target price on shares of DraftKings in a report on Tuesday, May 28th. Bank Of America (Bofa) upped their price target on shares of DraftKings from $45.00 to $50.00 in a research report on Thursday, February 15th. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research report on Wednesday. Finally, Piper Sandler upped their target price on shares of DraftKings from $40.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.00.

View Our Latest Stock Report on DraftKings

DraftKings Stock Down 1.8 %

DKNG stock traded down $0.67 during trading on Friday, reaching $36.89. 6,448,760 shares of the company traded hands, compared to its average volume of 10,670,482. The business has a 50 day simple moving average of $42.03 and a 200 day simple moving average of $40.33. DraftKings Inc. has a 12 month low of $24.16 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $32.07 billion, a price-to-earnings ratio of -31.26 and a beta of 1.81.

DraftKings (NASDAQ:DKNGGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the business posted ($0.87) earnings per share. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. On average, equities research analysts anticipate that DraftKings Inc. will post -0.21 earnings per share for the current fiscal year.

About DraftKings

(Free Report)

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.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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