Amalgamated Bank Purchases 327 Shares of DraftKings Inc. (NASDAQ:DKNG)

Amalgamated Bank raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,911 shares of the company’s stock after purchasing an additional 327 shares during the period. Amalgamated Bank’s holdings in DraftKings were worth $1,113,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. purchased a new position in shares of DraftKings during the fourth quarter valued at $246,765,000. Fred Alger Management LLC grew its holdings in 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 acquiring an additional 1,476,003 shares in the last quarter. FMR LLC grew its holdings in DraftKings by 14.7% during the 3rd 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 purchased a new position in DraftKings during the 3rd quarter valued at about $28,028,000. Finally, Blue Whale Capital LLP raised its holdings 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. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

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, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, the insider now owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,573,488 shares of company stock valued at $109,600,767 in the last 90 days. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on DKNG shares. Canaccord Genuity Group lifted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. BTIG Research set a $59.00 price target on DraftKings in a research report on Monday, February 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. TD Cowen reduced their target price 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. Finally, Susquehanna lowered their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Stock Down 5.2 %

NASDAQ:DKNG opened at $41.59 on Tuesday. The company’s fifty day moving average price is $41.85 and its 200-day moving average price is $39.89. The firm has a market capitalization of $20.38 billion, a P/E ratio of -39.24, a PEG ratio of 1.43 and a beta of 1.93. 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.

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

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.