Van ECK Associates Corp Raises Holdings in DraftKings Inc. (NASDAQ:DKNG)

Van ECK Associates Corp raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 56.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 206,112 shares of the company’s stock after purchasing an additional 74,419 shares during the quarter. Van ECK Associates Corp’s holdings in DraftKings were worth $7,667,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Creative Planning raised its position in DraftKings by 21.8% in the third quarter. Creative Planning now owns 64,286 shares of the company’s stock valued at $2,520,000 after purchasing an additional 11,511 shares during the period. Bleakley Financial Group LLC grew its stake in shares of DraftKings by 3.7% during the third quarter. Bleakley Financial Group LLC now owns 28,023 shares of the company’s stock valued at $1,098,000 after acquiring an additional 996 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of DraftKings during the third quarter valued at about $46,000. Stratos Wealth Advisors LLC grew its stake in shares of DraftKings by 7.3% during the third quarter. Stratos Wealth Advisors LLC now owns 27,513 shares of the company’s stock valued at $1,079,000 after acquiring an additional 1,877 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of DraftKings by 94.0% during the third quarter. Blue Trust Inc. now owns 10,104 shares of the company’s stock valued at $386,000 after acquiring an additional 4,897 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now owns 68,654 shares of the company’s stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,163,742 shares of company stock valued at $47,082,888. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several recent analyst reports. JMP Securities restated a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research note on Friday. Canaccord Genuity Group raised their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Susquehanna lowered their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Barclays raised their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, Macquarie lifted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $51.64.

DraftKings Stock Performance

DKNG opened at $53.49 on Tuesday. The business’s 50 day moving average is $40.76 and its 200-day moving average is $38.89. The stock has a market cap of $26.08 billion, a PE ratio of -60.78, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, analysts predict that DraftKings Inc. will post -0.95 earnings per share for the current year.

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.