DraftKings Inc. $DKNG Shares Bought by Korea Investment CORP

Korea Investment CORP boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 326,377 shares of the company’s stock after buying an additional 84,508 shares during the quarter. Korea Investment CORP’s holdings in DraftKings were worth $13,998,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in DKNG. Vanguard Group Inc. increased its stake in shares of DraftKings by 1.6% in the second quarter. Vanguard Group Inc. now owns 43,761,344 shares of the company’s stock worth $1,876,924,000 after acquiring an additional 670,884 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in shares of DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after purchasing an additional 130,434 shares in the last quarter. Geode Capital Management LLC boosted its holdings in DraftKings by 5.4% during the second quarter. Geode Capital Management LLC now owns 9,014,088 shares of the company’s stock worth $385,552,000 after buying an additional 458,452 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of DraftKings by 4.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,393,947 shares of the company’s stock worth $317,126,000 after acquiring an additional 295,306 shares during the period. Finally, Eminence Capital LP grew its position in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after acquiring an additional 3,423,909 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total transaction of $1,530,533.00. Following the transaction, the insider directly owned 500,454 shares in the company, valued at approximately $14,513,166. This trade represents a 9.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory Westin Wendt bought 10,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The stock was acquired at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the acquisition, the director directly owned 10,000 shares in the company, valued at approximately $302,700. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 219,529 shares of company stock valued at $8,601,273 in the last 90 days. Company insiders own 47.08% of the company’s stock.

DraftKings Trading Up 3.0%

Shares of NASDAQ DKNG opened at $33.15 on Monday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. The stock has a market capitalization of $16.50 billion, a PE ratio of -58.16, a PEG ratio of 2.75 and a beta of 1.60. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61. The stock has a fifty day simple moving average of $33.40 and a 200-day simple moving average of $39.01.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.60) earnings per share. On average, equities analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the topic of a number of recent analyst reports. UBS Group reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, November 25th. Canaccord Genuity Group reduced their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Friday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price target on shares of DraftKings in a research note on Wednesday, November 19th. Northland Capmk upgraded DraftKings from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Zacks Research cut shares of DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. Twenty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.38.

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.