Hsbc Holdings PLC Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Hsbc Holdings PLC increased its stake in DraftKings Inc. (NASDAQ:DKNGFree Report) by 381.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 312,888 shares of the company’s stock after buying an additional 247,894 shares during the period. Hsbc Holdings PLC’s holdings in DraftKings were worth $11,074,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in shares of DraftKings in the 3rd quarter worth $4,913,000. Oppenheimer & Co. Inc. increased its stake in DraftKings by 7.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 125,181 shares of the company’s stock worth $3,685,000 after buying an additional 8,407 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC increased its stake in DraftKings by 40.8% in the 3rd quarter. J.P. Morgan Private Wealth Advisors LLC now owns 39,244 shares of the company’s stock worth $1,155,000 after buying an additional 11,379 shares in the last quarter. Amalgamated Bank increased its stake in DraftKings by 8.7% in the 3rd quarter. Amalgamated Bank now owns 46,398 shares of the company’s stock worth $1,366,000 after buying an additional 3,723 shares in the last quarter. Finally, Swiss National Bank increased its stake in DraftKings by 56.8% in the 3rd quarter. Swiss National Bank now owns 1,339,764 shares of the company’s stock worth $39,443,000 after buying an additional 485,400 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

NASDAQ DKNG opened at $35.13 on Monday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The stock’s fifty day moving average price is $43.04 and its 200 day moving average price is $40.42. DraftKings Inc. has a 1 year low of $22.92 and a 1 year high of $49.57. The company has a market cap of $30.54 billion, a price-to-earnings ratio of -29.77 and a beta of 1.87.

DraftKings (NASDAQ:DKNGGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the company posted ($0.87) earnings per share. DraftKings’s revenue for the quarter was up 52.7% compared to the same quarter last year. As a group, equities research analysts forecast that DraftKings Inc. will post -0.2 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the sale, the insider now directly owns 2,849,215 shares of the company’s stock, valued at $121,576,004.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 600,000 shares of company stock valued at $25,434,000. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on DKNG. JPMorgan Chase & Co. restated an “overweight” rating and set a $55.00 price objective on shares of DraftKings in a research report on Thursday, March 28th. Truist Financial restated a “buy” rating and set a $55.00 price objective (up previously from $45.00) on shares of DraftKings in a research report on Tuesday, February 20th. Stifel Nicolaus cut their price objective on DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. UBS Group increased their price target on shares of DraftKings from $56.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $60.00 price target on shares of DraftKings in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $49.24.

Check Out Our Latest Stock Analysis on DKNG

DraftKings Company 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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