OMERS ADMINISTRATION Corp Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

OMERS ADMINISTRATION Corp boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,735 shares of the company’s stock after purchasing an additional 3,088 shares during the period. OMERS ADMINISTRATION Corp’s holdings in DraftKings were worth $660,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. grew its holdings in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after acquiring an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $874,000. Highland Capital Management LLC purchased a new position in shares of DraftKings during the 4th quarter worth approximately $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after acquiring an additional 6,059 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the transaction, the director now directly owns 1,612 shares of the company’s stock, valued at approximately $67,704. This trade represents a 67.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 171,268 shares in the company, valued at approximately $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 2,697,908 shares of company stock valued at $112,137,019 in the last ninety days. 47.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on DKNG. Jefferies Financial Group set a $60.00 target price on DraftKings and gave the stock a “buy” rating in a report on Sunday, April 13th. BMO Capital Markets reiterated an “outperform” rating and set a $65.00 target price on shares of DraftKings in a report on Thursday, April 24th. Wells Fargo & Company upped their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Truist Financial reduced their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Finally, JMP Securities set a $57.00 price target on DraftKings in a research note on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $55.04.

DraftKings Price Performance

NASDAQ DKNG opened at $36.90 on Friday. The business’s fifty day moving average price is $35.25 and its 200-day moving average price is $39.31. The stock has a market capitalization of $32.58 billion, a price-to-earnings ratio of -34.81, a PEG ratio of 1.43 and a beta of 1.89. 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 Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last released 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, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

About DraftKings

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.