Lingotto Investment Management LLP Purchases Shares of 75,600 DraftKings Inc. (NASDAQ:DKNG)

Lingotto Investment Management LLP acquired a new position in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, Holdings Channel reports. The firm acquired 75,600 shares of the company’s stock, valued at approximately $2,812,000.

Other institutional investors have also modified their holdings of the company. Stonebridge Financial Group LLC acquired a new position in DraftKings during the fourth quarter worth about $28,000. Synergy Asset Management LLC bought a new position in shares of DraftKings during the 4th quarter valued at about $30,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $43,000. Creative Financial Designs Inc. ADV raised its holdings in shares of DraftKings by 36.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings in the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, insider Jason Robins sold 666,651 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction dated 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 directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,414,827 shares of company stock worth $102,870,367. 48.94% of the stock is owned by corporate insiders.

DraftKings Stock Down 4.0 %

DKNG opened at $42.51 on Wednesday. The company has a market capitalization of $20.83 billion, a PE ratio of -40.10, a price-to-earnings-growth ratio of 1.43 and a beta of 1.93. 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 Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The business has a 50-day moving average of $41.55 and a 200-day moving average of $39.58.

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Susquehanna decreased their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. BTIG Research set a $59.00 price objective on DraftKings in a research note on Monday, February 3rd. Benchmark boosted their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Stifel Nicolaus increased their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Finally, TD Cowen dropped their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.