Deltec Asset Management LLC Has $7.26 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Deltec Asset Management LLC increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 195,172 shares of the company’s stock after buying an additional 12,734 shares during the quarter. DraftKings accounts for about 1.4% of Deltec Asset Management LLC’s holdings, making the stock its 16th biggest holding. Deltec Asset Management LLC’s holdings in DraftKings were worth $7,260,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DKNG. The Manufacturers Life Insurance Company boosted its stake in shares of DraftKings by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,621 shares of the company’s stock valued at $940,000 after purchasing an additional 487 shares during the last quarter. Truist Financial Corp increased its position in shares of DraftKings by 3.4% during the 2nd quarter. Truist Financial Corp now owns 122,608 shares of the company’s stock valued at $4,680,000 after purchasing an additional 3,975 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of DraftKings during the 2nd quarter worth approximately $1,530,000. Park Avenue Securities LLC increased its stake in shares of DraftKings by 77.5% in the third quarter. Park Avenue Securities LLC now owns 34,696 shares of the company’s stock worth $1,360,000 after purchasing an additional 15,150 shares in the last quarter. Finally, Diversified Trust Co purchased a new stake in shares of DraftKings during the third quarter worth $2,070,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $41.75 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company’s fifty day moving average price is $40.40 and its two-hundred day moving average price is $38.30. The firm has a market capitalization of $36.77 billion, a P/E ratio of -47.44, a P/E/G ratio of 3.14 and a beta of 1.93.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, research analysts anticipate that DraftKings Inc. will post -0.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research reports. Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Tuesday, January 7th. JPMorgan Chase & Co. upped their price target on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. JMP Securities cut their price objective on DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, January 6th. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.92.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock valued at $38,082,888 over the last quarter. Corporate insiders own 48.94% of the company’s stock.

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.