Modus Advisors LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,717 shares of the company’s stock, valued at approximately $228,000.
Several other institutional investors have also recently added to or reduced their stakes in DKNG. State Street Corp raised its holdings in shares of DraftKings by 23.0% in the 3rd quarter. State Street Corp now owns 158,495 shares of the company’s stock worth $9,326,000 after purchasing an additional 29,595 shares during the period. US Bancorp DE raised its holdings in shares of DraftKings by 92.0% in the 3rd quarter. US Bancorp DE now owns 1,536 shares of the company’s stock worth $91,000 after purchasing an additional 736 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of DraftKings by 15.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 597,020 shares of the company’s stock worth $35,129,000 after purchasing an additional 80,768 shares during the period. Advisors Asset Management Inc. purchased a new position in shares of DraftKings in the 3rd quarter worth about $234,000. Finally, Boothbay Fund Management LLC purchased a new position in shares of DraftKings in the 3rd quarter worth about $471,000. Institutional investors own 46.50% of the company’s stock.
DKNG has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a “buy” rating and issued a $75.00 target price (up previously from $73.00) on shares of DraftKings in a research note on Tuesday, March 16th. Truist increased their target price on DraftKings from $48.00 to $60.00 in a research note on Thursday, January 14th. Craig Hallum increased their target price on DraftKings from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, March 1st. Morgan Stanley increased their target price on DraftKings from $60.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday, March 8th. Finally, Canaccord Genuity raised their price objective on DraftKings from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, March 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $65.54.
DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 25th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.12). The company had revenue of $322.00 million during the quarter, compared to analyst estimates of $232.04 million. The business’s quarterly revenue was up 68.6% on a year-over-year basis. On average, sell-side analysts predict that DraftKings Inc. will post -2.3 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. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.
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