KBC Group NV Boosts Stake in DraftKings Inc. (NASDAQ:DKNG)

KBC Group NV grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 8.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,084 shares of the company’s stock after acquiring an additional 2,318 shares during the quarter. KBC Group NV’s holdings in DraftKings were worth $1,179,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC raised its holdings in DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in DraftKings during the second quarter valued at approximately $1,530,000. Romano Brothers AND Company acquired a new stake in DraftKings in the third quarter valued at approximately $1,181,000. US Bancorp DE grew its holdings in DraftKings by 110.2% in the third quarter. US Bancorp DE now owns 859,715 shares of the company’s stock worth $33,701,000 after purchasing an additional 450,773 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of DraftKings by 63.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 81,979 shares of the company’s stock worth $3,129,000 after purchasing an additional 31,880 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 of the company’s stock, valued at $5,662,581.92. The trade was a 82.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock worth $39,966,465 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on DKNG shares. Barclays raised their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. JMP Securities boosted their price target on DraftKings from $51.00 to $52.00 and gave the stock a “market outperform” rating in a research note on Monday, November 11th. UBS Group increased their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their target price 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. Finally, Wells Fargo & Company upped their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Stock Performance

NASDAQ DKNG opened at $42.35 on Tuesday. The stock has a market capitalization of $37.30 billion, a price-to-earnings ratio of -48.13 and a beta of 1.82. The stock has a 50-day moving average of $38.48 and a 200 day moving average of $37.88. The company has a current ratio of 1.00, a quick ratio of 1.11 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 $49.57.

DraftKings (NASDAQ:DKNG) last announced 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 business 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%. Sell-side analysts anticipate that DraftKings Inc. will post -0.73 EPS for the current fiscal 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.