Daiwa Securities Group Inc. Has $1.24 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Daiwa Securities Group Inc. cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,263 shares of the company’s stock after selling 366 shares during the period. Daiwa Securities Group Inc.’s holdings in DraftKings were worth $1,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of DKNG. CWM LLC grew its position in DraftKings by 4.3% during the third quarter. CWM LLC now owns 14,345 shares of the company’s stock worth $422,000 after buying an additional 589 shares in the last quarter. DnB Asset Management AS bought a new stake in shares of DraftKings in the 3rd quarter worth approximately $1,600,000. Arkadios Wealth Advisors grew its holdings in shares of DraftKings by 6.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 8,928 shares of the company’s stock worth $263,000 after purchasing an additional 520 shares in the last quarter. Impact Partnership Wealth LLC bought a new stake in shares of DraftKings during the third quarter valued at approximately $50,000. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of DraftKings by 227.6% in the third quarter. Newbridge Financial Services Group Inc. now owns 11,105 shares of the company’s stock valued at $327,000 after purchasing an additional 7,715 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

Shares of DraftKings stock opened at $41.21 on Wednesday. DraftKings Inc. has a 52 week low of $20.26 and a 52 week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $35.71 billion, a price-to-earnings ratio of -23.55 and a beta of 1.86. The firm has a fifty day moving average of $43.69 and a two-hundred day moving average of $38.22.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.16). The company 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 company’s quarterly revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.53) EPS. As a group, equities research analysts predict that DraftKings Inc. will post -0.25 EPS for the current year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company’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 value of $29,543,509.06. Following the completion of the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now directly owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The disclosure for this sale can be found here. Insiders have sold 1,396,101 shares of company stock valued at $58,121,509 in the last 90 days. 48.94% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DKNG. Oppenheimer lifted their price target on shares of DraftKings from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $55.00 price target on shares of DraftKings in a research report on Thursday, March 28th. Barclays lifted their price objective on DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Susquehanna increased their target price on DraftKings from $51.00 to $54.00 and gave the stock a “positive” rating in a report 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

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.