US Bancorp DE Has $33.70 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

US Bancorp DE increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 110.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 859,715 shares of the company’s stock after acquiring an additional 450,773 shares during the quarter. US Bancorp DE owned about 0.10% of DraftKings worth $33,701,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. LRI Investments LLC bought a new stake in shares of DraftKings during the first quarter valued at approximately $31,000. Alta Advisers Ltd acquired a new stake in DraftKings during the second quarter worth $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings in the 2nd quarter valued at $39,000. St. Johns Investment Management Company LLC acquired a new position in shares of DraftKings in the 2nd quarter valued at $46,000. Finally, V Square Quantitative Management LLC bought a new position in shares of DraftKings during the 3rd quarter worth about $46,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DKNG stock opened at $35.69 on Friday. The firm’s 50 day moving average price is $37.33 and its two-hundred day moving average price is $38.09. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a 52-week low of $27.67 and a 52-week high of $49.57. The stock has a market cap of $31.36 billion, a PE ratio of -40.10 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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 return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm earned ($0.17) earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. UBS Group increased their target price on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Truist Financial reaffirmed a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. Morgan Stanley increased their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Monday, September 23rd. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.22.

Insider Transactions at DraftKings

In related news, 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 sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,220,536 shares of company stock worth $46,110,465. 51.19% of the stock is currently owned by company insiders.

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.