Sumitomo Mitsui DS Asset Management Company Ltd Has $1.47 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 18.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,428 shares of the company’s stock after purchasing an additional 6,059 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in DraftKings were worth $1,467,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DKNG. Fred Alger Management LLC lifted its position in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the last quarter. FMR LLC raised its stake in DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Mizuho Securities USA LLC bought a new position in shares of DraftKings in the third quarter worth about $28,028,000. Blue Whale Capital LLP boosted its stake in shares of DraftKings by 59.7% in the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company’s stock valued at $64,475,000 after purchasing an additional 615,011 shares in the last quarter. Finally, Mediolanum International Funds Ltd bought a new stake in shares of DraftKings during the 4th quarter valued at approximately $17,334,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Up 1.4 %

DKNG opened at $43.44 on Wednesday. The company has a 50 day moving average of $40.32 and a 200 day moving average of $38.46. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market cap of $21.18 billion, a PE ratio of -49.36, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

Insider Buying and Selling

In other news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at approximately $52,366,158. This trade represents a 12.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 963,742 shares of company stock valued at $38,082,888. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of research reports. Benchmark reiterated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Friday, February 7th. JPMorgan Chase & Co. raised their price objective on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Morgan Stanley boosted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $50.92.

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.