Deltec Asset Management LLC Boosts Stake in DraftKings Inc. (NASDAQ:DKNG)

Deltec Asset Management LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,172 shares of the company’s stock after acquiring an additional 12,734 shares during the quarter. DraftKings makes up 1.4% of Deltec Asset Management LLC’s investment portfolio, making the stock its 16th largest position. Deltec Asset Management LLC’s holdings in DraftKings were worth $7,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in DraftKings by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 24,621 shares of the company’s stock worth $940,000 after acquiring an additional 487 shares in the last quarter. Truist Financial Corp raised its position in DraftKings by 3.4% in the 2nd quarter. Truist Financial Corp now owns 122,608 shares of the company’s stock worth $4,680,000 after buying an additional 3,975 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in DraftKings in the second quarter worth approximately $1,530,000. Park Avenue Securities LLC increased its position in DraftKings by 77.5% during the third quarter. Park Avenue Securities LLC now owns 34,696 shares of the company’s stock valued at $1,360,000 after acquiring an additional 15,150 shares during the last quarter. Finally, Diversified Trust Co purchased a new position in shares of DraftKings in the third quarter worth approximately $2,070,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the sale, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock valued at $38,082,888 in the last ninety days. Company insiders own 48.94% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on DKNG shares. Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Barclays boosted their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Macquarie raised their price objective on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Mizuho raised their price target on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of DraftKings in a report on Tuesday, January 7th. Three 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 a consensus target price of $50.92.

DraftKings Stock Up 0.9 %

DKNG stock opened at $41.75 on Wednesday. The firm has a market cap of $36.77 billion, a PE ratio of -47.44, a P/E/G ratio of 3.14 and a beta of 1.93. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $40.40 and a 200 day simple moving average of $38.30. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts forecast that DraftKings Inc. will post -0.93 earnings per share for the current fiscal year.

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.