Nikko Asset Management Americas Inc. Decreases Stake in DraftKings Inc. (NASDAQ:DKNG)

Nikko Asset Management Americas Inc. lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 10.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,574,103 shares of the company’s stock after selling 522,099 shares during the period. DraftKings accounts for approximately 1.9% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 14th biggest holding. Nikko Asset Management Americas Inc. owned approximately 0.52% of DraftKings worth $151,723,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of DraftKings during the 4th quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings during the 4th quarter worth $28,000. FNY Investment Advisers LLC purchased a new stake in DraftKings in the 1st quarter valued at about $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings in the 1st quarter valued at about $27,000. Finally, GPS Wealth Strategies Group LLC raised its holdings in DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after buying an additional 564 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $44.86 on Friday. The stock has a 50 day moving average price of $39.68 and a 200 day moving average price of $39.07. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The company has a market capitalization of $39.89 billion, a price-to-earnings ratio of -54.05, a price-to-earnings-growth ratio of 1.48 and a beta of 1.67. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer owned 171,268 shares in the company, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the sale, the insider owned 504,381 shares of the company’s stock, valued at approximately $19,670,859. This represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 589,404 shares of company stock valued at $22,639,746. 51.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several research analyst reports. Northland Securities set a $50.00 price objective on shares of DraftKings in a report on Friday, April 25th. Morgan Stanley restated an “overweight” rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. BTIG Research reduced their price objective on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Truist Financial boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Finally, Mizuho reduced their price objective on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating on the stock in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $54.38.

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.