Vontobel Holding Ltd. Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Vontobel Holding Ltd. purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,904 shares of the company’s stock, valued at approximately $279,000.

Several other hedge funds have also added to or reduced their stakes in DKNG. Highlander Capital Management LLC lifted its stake in DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock worth $25,000 after purchasing an additional 450 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in DraftKings in the fourth quarter worth $37,000. Householder Group Estate & Retirement Specialist LLC lifted its stake in DraftKings by 154.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after purchasing an additional 737 shares during the last quarter. Acadian Asset Management LLC bought a new stake in DraftKings in the third quarter worth $45,000. Finally, CI Investments Inc. lifted its stake in DraftKings by 55.9% in the third quarter. CI Investments Inc. now owns 1,671 shares of the company’s stock worth $49,000 after purchasing an additional 599 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on DKNG. Barclays upped their price objective on shares of DraftKings from $50.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Needham & Company LLC upped their price objective on shares of DraftKings from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, March 27th. BNP Paribas downgraded shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research note on Friday, January 19th. Piper Sandler upped their price objective on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $55.00 price objective on shares of DraftKings in a research note on Thursday, March 28th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Insider Activity

In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the transaction, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. Insiders have sold a total of 1,396,101 shares of company stock worth $58,121,509 over the last 90 days. 48.94% of the stock is currently owned by insiders.

DraftKings Trading Up 1.6 %

NASDAQ:DKNG opened at $41.21 on Wednesday. The company’s 50 day moving average price is $43.69 and its 200-day moving average price is $38.22. DraftKings Inc. has a 52 week low of $20.26 and a 52 week high of $49.57. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.49. The stock has a market cap of $35.71 billion, a price-to-earnings ratio of -23.55 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The firm had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter in the previous year, the company earned ($0.53) EPS. The company’s quarterly revenue was up 43.9% compared to the same quarter last year. On average, equities research analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

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.