The Manufacturers Life Insurance Company Acquires 576 Shares of DraftKings Inc. (NASDAQ:DKNG)

The Manufacturers Life Insurance Company grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,236 shares of the company’s stock after acquiring an additional 576 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in DraftKings were worth $976,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Beacon Pointe Advisors LLC increased its holdings in shares of DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares in the last quarter. Allworth Financial LP grew its holdings in shares of DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after buying an additional 271 shares in the last quarter. Westside Investment Management Inc. grew its holdings in shares of DraftKings by 0.6% during the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after buying an additional 288 shares in the last quarter. Nvwm LLC grew its holdings in shares of DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after buying an additional 312 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of DraftKings by 1.1% during the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company’s stock worth $1,113,000 after buying an additional 327 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DKNG has been the subject of a number of research reports. TD Securities decreased their price objective on DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Cowen reiterated a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Piper Sandler reiterated an “overweight” rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, Cfra Research upgraded DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.04.

DraftKings Stock Performance

DKNG opened at $38.25 on Thursday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The stock has a market cap of $33.77 billion, a price-to-earnings ratio of -36.08, a PEG ratio of 1.43 and a beta of 1.89. The business has a 50 day moving average of $35.30 and a 200-day moving average of $39.29. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, equities research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares of the company’s stock, valued at $26,583,044.40. This trade represents a 6.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,691,079 shares of company stock valued at $111,885,917 over the last three months. Insiders own 47.08% 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.