Rakuten Securities Inc. Invests $164,000 in DraftKings Inc. (NASDAQ:DKNG)

Rakuten Securities Inc. purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,645 shares of the company’s stock, valued at approximately $164,000.

Other large investors have also made changes to their positions in the company. Highlander Capital Management LLC increased its position in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. Parkside Financial Bank & Trust increased its position in shares of DraftKings by 233.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,014 shares of the company’s stock valued at $27,000 after acquiring an additional 710 shares during the period. FSC Wealth Advisors LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $37,000. Householder Group Estate & Retirement Specialist LLC increased its position in shares of DraftKings by 154.2% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after acquiring an additional 737 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in DraftKings in the third quarter valued at $45,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on DKNG shares. JMP Securities reaffirmed a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a report on Monday, March 25th. Truist Financial reissued a “buy” rating and set a $55.00 target price (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Barclays raised shares of DraftKings from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $41.00 to $50.00 in a research note on Friday, February 23rd. Morgan Stanley increased their target price on shares of DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Susquehanna increased their target price on shares of DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.93.

DraftKings Stock Down 6.1 %

DKNG stock opened at $42.21 on Thursday. The company has a market cap of $36.58 billion, a price-to-earnings ratio of -24.12 and a beta of 1.86. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a 12 month low of $19.73 and a 12 month high of $49.57. The firm has a 50-day moving average of $43.86 and a two-hundred day moving average of $37.81.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm’s revenue was up 43.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.53) EPS. As a group, analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the sale, the insider now owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,596,101 shares of company stock worth $65,685,509. Insiders own 51.19% of the company’s stock.

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.