CIBC Asset Management Inc Acquires 746 Shares of DraftKings Inc. (NASDAQ:DKNG)

CIBC Asset Management Inc boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.4% during the fourth quarter, HoldingsChannel reports. The fund owned 14,436 shares of the company’s stock after purchasing an additional 746 shares during the quarter. CIBC Asset Management Inc’s holdings in DraftKings were worth $537,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in DKNG. Geode Capital Management LLC lifted its position in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the 4th quarter worth approximately $246,765,000. FMR LLC lifted its position in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares during the period. Fred Alger Management LLC lifted its position in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted its position in shares of DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after purchasing an additional 236,427 shares during the period. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,160,591 shares of company stock worth $46,945,158. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $45.57 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. 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 firm has a market cap of $22.33 billion, a price-to-earnings ratio of -42.99, a PEG ratio of 1.43 and a beta of 1.93. The company has a fifty day moving average price of $41.41 and a 200-day moving average price of $39.34.

DraftKings (NASDAQ:DKNG) last posted 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 return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of recent analyst reports. JMP Securities restated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. BTIG Research set a $59.00 price target on shares of DraftKings in a research report on Monday, February 3rd. Stifel Nicolaus boosted their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. TD Cowen dropped their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company boosted their target price on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.26.

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.