Achmea Investment Management B.V. Buys New Position in DraftKings Inc. (NASDAQ:DKNG)

Achmea Investment Management B.V. bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 44,879 shares of the company’s stock, valued at approximately $1,669,000.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. increased its position 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 buying an additional 29,991 shares in the last quarter. Atria Investments Inc acquired a new position in DraftKings during the 3rd quarter valued at about $215,000. Oppenheimer Asset Management Inc. increased its holdings in shares of DraftKings by 79.1% in the third quarter. Oppenheimer Asset Management Inc. now owns 26,566 shares of the company’s stock valued at $1,041,000 after purchasing an additional 11,734 shares during the period. Oppenheimer & Co. Inc. increased its holdings in shares of DraftKings by 4.6% in the third quarter. Oppenheimer & Co. Inc. now owns 76,248 shares of the company’s stock valued at $2,989,000 after purchasing an additional 3,367 shares during the period. Finally, KBC Group NV increased its holdings in shares of DraftKings by 8.3% in the third quarter. KBC Group NV now owns 30,084 shares of the company’s stock valued at $1,179,000 after purchasing an additional 2,318 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 1,612 shares of the company’s stock, valued at approximately $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,558,412 shares of company stock worth $108,506,588 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

NASDAQ DKNG opened at $37.87 on Friday. The company has a market cap of $18.55 billion, a PE ratio of -35.73, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The stock’s 50 day simple moving average is $42.14 and its 200-day simple moving average is $40.09. 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.

DraftKings (NASDAQ:DKNG) last released 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on DKNG shares. TD Cowen cut their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price objective on DraftKings in a report on Tuesday, February 18th. Piper Sandler reissued an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, JMP Securities restated a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. 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.

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.