Zurcher Kantonalbank Zurich Cantonalbank Purchases 3,272 Shares of DraftKings Inc. (NASDAQ:DKNG)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 3.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87,162 shares of the company’s stock after purchasing an additional 3,272 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in DraftKings were worth $3,242,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DKNG. Geode Capital Management LLC lifted its position in shares of DraftKings by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares during the period. Baillie Gifford & Co. bought a new stake in shares of DraftKings during the 4th quarter valued at $246,765,000. FMR LLC lifted its position in shares of DraftKings by 14.7% during the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Fred Alger Management LLC lifted its position in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted its position in shares of DraftKings by 6.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after acquiring an additional 236,427 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Trading Up 2.4 %

NASDAQ DKNG opened at $37.87 on Friday. The business has a 50 day simple moving average of $42.14 and a 200 day simple moving average of $40.12. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The stock has a market capitalization of $18.55 billion, a P/E ratio of -35.73, a P/E/G ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. Research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares of the company’s stock, valued at $67,704. This trade represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,558,412 shares of company stock valued at $108,506,588. Company insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DKNG. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Piper Sandler reissued an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Susquehanna lowered their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, Needham & Company LLC set a $65.00 price target on DraftKings in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Company 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.