Zurcher Kantonalbank Zurich Cantonalbank Purchases 3,272 Shares of DraftKings Inc. (NASDAQ:DKNG)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 87,162 shares of the company’s stock after acquiring an additional 3,272 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in DraftKings were worth $3,242,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the last quarter. Mizuho Securities USA LLC bought a new position in DraftKings during the third quarter worth about $28,028,000. Vestmark Advisory Solutions Inc. boosted its holdings in DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after buying an additional 26,164 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in DraftKings by 2.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after buying an additional 86,336 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after buying an additional 350,215 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DKNG shares. Truist Financial raised their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. raised their target price on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th. Stifel Nicolaus raised their price target on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.44.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,558,412 shares of company stock worth $108,506,588. 51.19% of the stock is owned by company insiders.

DraftKings Stock Up 2.4 %

NASDAQ:DKNG opened at $37.87 on Friday. The firm has a market capitalization of $18.55 billion, a price-to-earnings ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock’s 50 day moving average price is $42.14 and its two-hundred day moving average price is $40.12. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Equities research analysts expect that DraftKings Inc. will post 0.64 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.