Contour Asset Management LLC Acquires Shares of 1,090,726 DraftKings Inc. (NASDAQ:DKNG)

Contour Asset Management LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,090,726 shares of the company’s stock, valued at approximately $40,575,000. DraftKings accounts for 1.2% of Contour Asset Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Contour Asset Management LLC owned approximately 0.22% of DraftKings as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings in the fourth quarter worth approximately $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter worth approximately $37,000. Westpac Banking Corp purchased a new stake in shares of DraftKings during the fourth quarter worth approximately $44,000. Finally, YANKCOM Partnership acquired a new position in DraftKings in the 4th quarter valued at $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares of the company’s stock, valued at $67,704. This represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,681,079 shares of company stock worth $112,941,617. Corporate insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on DKNG. Mizuho dropped their target price on shares of DraftKings from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Morgan Stanley upped their price objective 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. Truist Financial decreased their target price on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Cowen restated a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Finally, TD Securities reduced their price objective on DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $55.18.

DraftKings Stock Down 1.6 %

Shares of NASDAQ:DKNG opened at $33.60 on Wednesday. The firm has a market capitalization of $29.66 billion, a PE ratio of -31.69, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm’s 50-day moving average is $35.89 and its two-hundred day moving average is $39.32.

DraftKings (NASDAQ:DKNG) last announced its 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 return on equity of 48.13% and a negative net margin of 10.64%. Analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

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.