Nikko Asset Management Americas Inc. Sells 759,962 Shares of DraftKings Inc. (NASDAQ:DKNG)

Nikko Asset Management Americas Inc. reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 13.0% during the 4th quarter, HoldingsChannel reports. The fund owned 5,096,202 shares of the company’s stock after selling 759,962 shares during the period. DraftKings accounts for about 2.1% of Nikko Asset Management Americas Inc.’s holdings, making the stock its 12th largest position. Nikko Asset Management Americas Inc.’s holdings in DraftKings were worth $189,477,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. increased its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares during the last quarter. Atria Investments Inc bought a new stake in DraftKings during the third quarter worth approximately $215,000. Oppenheimer Asset Management Inc. increased its stake in DraftKings by 79.1% during the third quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock worth $1,041,000 after acquiring an additional 11,734 shares during the last quarter. KBC Group NV increased its stake in DraftKings by 8.3% during the third quarter. KBC Group NV now owns 30,084 shares of the company’s stock worth $1,179,000 after acquiring an additional 2,318 shares during the last quarter. Finally, Metis Global Partners LLC bought a new stake in DraftKings during the third quarter worth approximately $213,000. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on DKNG shares. TD Cowen reduced their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Morgan Stanley upped their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. BTIG Research set a $59.00 target price on DraftKings in a research note on Monday, February 3rd. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Benchmark upped their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Three equities research 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 company presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

DraftKings Stock Up 2.4 %

DraftKings stock opened at $37.87 on Monday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The business has a fifty day moving average of $42.14 and a two-hundred day moving average of $40.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market cap of $18.55 billion, a P/E ratio of -35.73, a P/E/G ratio of 1.43 and a beta of 2.07.

DraftKings (NASDAQ:DKNG) last released 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%. On average, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,558,412 shares of company stock valued at $108,506,588. Company insiders own 51.19% of the company’s stock.

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.