US Bancorp DE Boosts Holdings in DraftKings Inc. (NASDAQ:DKNG)

US Bancorp DE raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 958,662 shares of the company’s stock after buying an additional 98,947 shares during the quarter. US Bancorp DE owned about 0.11% of DraftKings worth $35,662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Pine Valley Investments Ltd Liability Co lifted its holdings in shares of DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock valued at $271,000 after acquiring an additional 249 shares during the last quarter. Claro Advisors LLC raised its holdings in DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock valued at $673,000 after buying an additional 264 shares during the period. Allworth Financial LP lifted its position in DraftKings by 8.0% in 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 during the last quarter. Westside Investment Management Inc. boosted its stake in 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 during the period. Finally, Nvwm LLC increased its position in DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after acquiring an additional 312 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Up 2.6 %

DKNG opened at $43.86 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The stock has a market capitalization of $21.49 billion, a price-to-earnings ratio of -41.38, a PEG ratio of 1.43 and a beta of 1.93. The company has a fifty day moving average of $41.78 and a two-hundred day moving average of $39.79.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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%. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now owns 68,654 shares in the company, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,573,488 shares of company stock valued at $109,600,767 in the last 90 days. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

DKNG has been the subject of several analyst reports. BTIG Research set a $59.00 price objective on shares of DraftKings in a research note on Monday, February 3rd. Wells Fargo & Company boosted their target price on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Piper Sandler reaffirmed an “overweight” rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Macquarie boosted their price target on DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Barclays raised their price objective on DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

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.