CIBC Asset Management Inc Acquires 2,688 Shares of DraftKings Inc. (NASDAQ:DKNG)

CIBC Asset Management Inc increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 25.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,221 shares of the company’s stock after buying an additional 2,688 shares during the period. CIBC Asset Management Inc’s holdings in DraftKings were worth $505,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in DraftKings by 1.9% in the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after acquiring an additional 747,937 shares during the last quarter. Norges Bank bought a new stake in DraftKings during the fourth quarter valued at $192,140,000. Massachusetts Financial Services Co. MA raised its position in shares of DraftKings by 21.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after acquiring an additional 781,058 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares during the period. Finally, Lord Abbett & CO. LLC boosted its position in shares of DraftKings by 20.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock valued at $176,403,000 after purchasing an additional 663,427 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the completion of the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders have sold 1,470,537 shares of company stock valued at $54,321,570 in the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $35.11 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $30.52 billion, a price-to-earnings ratio of -29.75 and a beta of 1.80. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The firm’s 50-day simple moving average is $35.24 and its two-hundred day simple moving average is $39.72.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the firm posted ($0.17) EPS. DraftKings’s revenue was up 26.2% on a year-over-year basis. As a group, equities analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the topic of several recent analyst reports. Benchmark boosted their price target on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Guggenheim cut their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Wells Fargo & Company decreased their price target on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Bank of America cut their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Finally, Susquehanna upped their price target on DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.52.

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.