DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,660 shares of the company’s stock after acquiring an additional 1,039 shares during the period. The Manufacturers Life Insurance Company’s holdings in DraftKings were worth $1,006,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Alta Advisers Ltd acquired a new stake in shares of DraftKings during the second quarter valued at about $38,000. Redwood Wealth Management Group LLC acquired a new position in shares of DraftKings in the second quarter valued at approximately $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings in the second quarter valued at approximately $46,000. V Square Quantitative Management LLC acquired a new position in shares of DraftKings in the third quarter valued at approximately $46,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of DraftKings in the second quarter valued at approximately $47,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on DKNG shares. Mizuho lifted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. TD Cowen lifted their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.04.

Insider Activity

In related news, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 963,742 shares of company stock valued at $39,668,077. Company insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $41.47 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $36.52 billion, a PE ratio of -47.13 and a beta of 1.87. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The business’s fifty day moving average price is $40.06 and its 200 day moving average price is $37.95.

DraftKings (NASDAQ:DKNG) last posted 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 during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities research analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

About DraftKings

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.