Forsta AP Fonden Has $3.82 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Forsta AP Fonden boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 15.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 97,500 shares of the company’s stock after purchasing an additional 13,300 shares during the quarter. Forsta AP Fonden’s holdings in DraftKings were worth $3,822,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Lake Street Advisors Group LLC lifted its holdings in shares of DraftKings by 0.8% during the 3rd quarter. Lake Street Advisors Group LLC now owns 212,496 shares of the company’s stock worth $8,330,000 after acquiring an additional 1,774 shares during the period. Hudock Inc. raised its position in DraftKings by 5.5% during the third quarter. Hudock Inc. now owns 7,825 shares of the company’s stock valued at $307,000 after purchasing an additional 410 shares in the last quarter. Ballentine Partners LLC lifted its stake in DraftKings by 15.8% during the third quarter. Ballentine Partners LLC now owns 7,589 shares of the company’s stock worth $297,000 after purchasing an additional 1,035 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its holdings in shares of DraftKings by 42.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 20,812 shares of the company’s stock valued at $816,000 after purchasing an additional 6,221 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of DraftKings by 264.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 133,734 shares of the company’s stock valued at $5,242,000 after purchasing an additional 97,031 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DKNG shares. Stifel Nicolaus restated a “buy” rating and set a $48.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Monday, August 5th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Susquehanna increased their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Monday, September 23rd. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $50.22.

DraftKings Trading Up 0.6 %

DKNG opened at $36.77 on Wednesday. DraftKings Inc. has a twelve month low of $26.35 and a twelve month high of $49.57. The company has a fifty day moving average of $37.33 and a 200-day moving average of $38.18. The stock has a market cap of $32.30 billion, a PE ratio of -41.31 and a beta of 1.81. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business’s revenue was up 26.2% compared to the same quarter last year. During the same period last year, the business posted ($0.17) EPS. On average, sell-side analysts predict that DraftKings Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,220,536 shares of company stock worth $46,110,465. 48.94% of the stock is owned by corporate insiders.

DraftKings 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.