Natixis Takes $1.53 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Natixis purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 41,080 shares of the company’s stock, valued at approximately $1,528,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S raised its position in DraftKings by 47.5% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,373 shares of the company’s stock worth $535,000 after acquiring an additional 4,626 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of DraftKings by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,105,643 shares of the company’s stock worth $41,129,000 after purchasing an additional 64,088 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of DraftKings by 21.4% during the 4th quarter. Canada Pension Plan Investment Board now owns 743,587 shares of the company’s stock worth $27,661,000 after purchasing an additional 130,922 shares during the last quarter. NewEdge Advisors LLC grew its holdings in DraftKings by 100.3% during the 4th quarter. NewEdge Advisors LLC now owns 53,211 shares of the company’s stock valued at $1,979,000 after buying an additional 26,639 shares during the last quarter. Finally, Guggenheim Capital LLC increased its position in DraftKings by 11.3% during the fourth quarter. Guggenheim Capital LLC now owns 13,459 shares of the company’s stock worth $501,000 after buying an additional 1,364 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several recent research reports. Needham & Company LLC restated a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a research report on Monday, April 7th. Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a report on Monday, April 14th. TD Cowen lowered their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Susquehanna reduced their price objective 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. Finally, Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.46.

DraftKings Trading Up 3.2 %

Shares of DKNG opened at $33.47 on Wednesday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock’s 50-day moving average is $38.69 and its two-hundred day moving average is $39.61. 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 $29.55 billion, a PE ratio of -31.58, a P/E/G ratio of 1.43 and a beta of 2.16.

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

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,575,525 shares of company stock valued at $109,441,446. Corporate insiders own 51.19% of the company’s stock.

DraftKings 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.