Korea Investment CORP Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Korea Investment CORP increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 95.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 307,472 shares of the company’s stock after purchasing an additional 150,311 shares during the quarter. Korea Investment CORP owned approximately 0.06% of DraftKings worth $11,438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Pine Valley Investments Ltd Liability Co grew its holdings in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after buying an additional 249 shares in the last quarter. Claro Advisors LLC grew its stake in DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP increased its holdings in DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after acquiring an additional 271 shares during the last quarter. Westside Investment Management Inc. lifted its stake in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Nvwm LLC boosted its holdings in shares of DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 4.7 %

DKNG stock opened at $35.29 on Monday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm’s 50-day moving average is $42.01 and its 200 day moving average is $40.36. The company has a market capitalization of $17.64 billion, a PE ratio of -33.29, a P/E/G ratio of 1.43 and a beta of 2.07. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on DKNG. Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. TD Cowen decreased their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Benchmark raised their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Morgan Stanley upped their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, Argus set a $60.00 price objective on shares of DraftKings in a research report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.42.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the transaction, the director now directly owns 1,612 shares in the company, valued at $67,704. This trade represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is currently owned by company insiders.

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.