Asset Management One Co. Ltd. Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Asset Management One Co. Ltd. raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 163,871 shares of the company’s stock after buying an additional 5,830 shares during the quarter. Asset Management One Co. Ltd.’s holdings in DraftKings were worth $5,442,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after buying an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after purchasing an additional 707,504 shares in the last quarter. FMR LLC increased its holdings in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after purchasing an additional 89,988 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DraftKings stock opened at $42.89 on Friday. The stock’s 50-day simple moving average is $36.37 and its 200-day simple moving average is $38.44. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a market capitalization of $38.14 billion, a price-to-earnings ratio of -51.67, a PEG ratio of 1.30 and a beta of 1.63. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JMP Securities reduced their target price on DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Thursday, June 5th. Truist Financial reduced their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 target price for the company. Cfra Research raised DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Finally, Guggenheim reduced their target price on DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.03.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now directly owns 601,520 shares in the company, valued at $19,417,065.60. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the sale, the chief financial officer now owns 171,268 shares in the company, valued at $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock worth $19,748,622 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

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.