Van ECK Associates Corp Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Van ECK Associates Corp trimmed its position in DraftKings Inc. (NASDAQ:DKNGFree Report) by 20.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,837 shares of the company’s stock after selling 33,832 shares during the period. Van ECK Associates Corp’s holdings in DraftKings were worth $3,764,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Marshall Wace LLP lifted its holdings in shares of DraftKings by 298.2% during the 2nd quarter. Marshall Wace LLP now owns 1,114,676 shares of the company’s stock worth $29,617,000 after acquiring an additional 834,719 shares during the last quarter. Asset Management One Co. Ltd. purchased a new position in DraftKings in the 3rd quarter worth $4,502,000. Jericho Capital Asset Management L.P. raised its position in DraftKings by 68.1% in the 2nd quarter. Jericho Capital Asset Management L.P. now owns 5,131,967 shares of the company’s stock worth $136,356,000 after purchasing an additional 2,079,676 shares during the period. Deltec Asset Management LLC raised its position in DraftKings by 355.7% in the 3rd quarter. Deltec Asset Management LLC now owns 139,000 shares of the company’s stock worth $4,092,000 after purchasing an additional 108,500 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in DraftKings by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,788,789 shares of the company’s stock worth $82,102,000 after purchasing an additional 39,188 shares during the period. 32.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Argus lifted their target price on shares of DraftKings from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, November 27th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research report on Tuesday, December 26th. Craig Hallum boosted their price objective on shares of DraftKings from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. UBS Group boosted their price objective on shares of DraftKings from $39.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. Finally, BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research report on Friday, January 19th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.56.

Read Our Latest Research Report on DKNG

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $43.61 on Tuesday. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a fifty day moving average price of $36.83 and a 200-day moving average price of $33.10. DraftKings Inc. has a 1 year low of $15.69 and a 1 year high of $44.04. The stock has a market cap of $37.47 billion, a PE ratio of -20.00 and a beta of 1.87.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 238,629 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $35.65, for a total transaction of $8,507,123.85. Following the completion of the transaction, the insider now owns 3,760,519 shares in the company, valued at $134,062,502.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider Jason Robins sold 238,629 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $35.65, for a total transaction of $8,507,123.85. Following the completion of the transaction, the insider now owns 3,760,519 shares in the company, valued at $134,062,502.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jason Park sold 750,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $38.27, for a total transaction of $28,702,500.00. Following the completion of the sale, the chief financial officer now owns 105,217 shares of the company’s stock, valued at approximately $4,026,654.59. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,390,485 shares of company stock worth $132,291,151. 51.19% of the stock is owned by insiders.

DraftKings Profile

(Free Report)

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.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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