Natixis Advisors LLC Purchases 36,874 Shares of DraftKings Inc. (NASDAQ:DKNG)

Natixis Advisors LLC grew its position in DraftKings Inc. (NASDAQ:DKNG) by 293.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,426 shares of the company’s stock after purchasing an additional 36,874 shares during the quarter. Natixis Advisors LLC’s holdings in DraftKings were worth $1,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. LRI Investments LLC bought a new position in DraftKings in the 1st quarter worth $31,000. Alta Advisers Ltd purchased a new stake in shares of DraftKings during the second quarter worth about $38,000. Redwood Wealth Management Group LLC purchased a new stake in shares of DraftKings during the second quarter worth about $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings during the 2nd quarter valued at approximately $46,000. Finally, V Square Quantitative Management LLC purchased a new position in DraftKings in the 3rd quarter worth approximately $46,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Morgan Stanley increased their price objective on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Finally, Truist Financial reiterated a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Price Performance

DKNG opened at $43.00 on Tuesday. The business has a fifty day moving average of $39.02 and a 200 day moving average of $37.89. The stock has a market cap of $37.87 billion, a P/E ratio of -48.86 and a beta of 1.82. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 735,246 shares of company stock worth $29,902,158 in the last three months. Corporate insiders own 48.94% of the company’s stock.

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.