Mackenzie Financial Corp Buys New Shares in DraftKings Inc. (NASDAQ:DKNG)

Mackenzie Financial Corp purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 21,353 shares of the company’s stock, valued at approximately $753,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in DraftKings by 8.3% during the 4th quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after purchasing an additional 331 shares during the period. Cornerstone Wealth Management LLC grew its position in DraftKings by 4.4% during the 4th quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after purchasing an additional 341 shares during the period. Signaturefd LLC grew its position in DraftKings by 7.6% during the 3rd quarter. Signaturefd LLC now owns 5,350 shares of the company’s stock worth $158,000 after purchasing an additional 379 shares during the period. Stratos Wealth Advisors LLC grew its position in DraftKings by 3.8% during the 4th quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after purchasing an additional 381 shares during the period. Finally, Gables Capital Management Inc. grew its position in DraftKings by 2.2% during the 3rd quarter. Gables Capital Management Inc. now owns 18,330 shares of the company’s stock worth $540,000 after purchasing an additional 400 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Up 0.6 %

DraftKings stock opened at $41.09 on Friday. DraftKings Inc. has a fifty-two week low of $20.26 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a 50 day moving average price of $43.57 and a 200 day moving average price of $38.26. The company has a market capitalization of $35.61 billion, a PE ratio of -23.48 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business posted ($0.53) EPS. The firm’s revenue for the quarter was up 43.9% on a year-over-year basis. Research analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares of the company’s stock, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,596,101 shares of company stock worth $66,303,509. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DKNG. Barclays increased their price target on DraftKings from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. The Goldman Sachs Group assumed coverage on shares of DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price on the stock. Truist Financial reissued a “buy” rating and set a $55.00 target price (up from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Wells Fargo & Company increased their target price on shares of DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. Finally, Moffett Nathanson increased their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Two equities research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.31.

About DraftKings

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.