Harvest Fund Management Co. Ltd Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Harvest Fund Management Co. Ltd raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 37.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,924 shares of the company’s stock after acquiring an additional 3,258 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in DraftKings were worth $420,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in DraftKings by 0.3% during the third quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock worth $1,090,403,000 after buying an additional 109,406 shares during the period. Jericho Capital Asset Management L.P. raised its holdings in shares of DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after buying an additional 2,022,000 shares during the period. Ameriprise Financial Inc. boosted its holdings in DraftKings by 345.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock valued at $130,742,000 after acquiring an additional 3,444,107 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of DraftKings during the third quarter worth about $107,276,000. Finally, Lord Abbett & CO. LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $91,790,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 510,000 shares of DraftKings stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now owns 2,291,406 shares in the company, valued at approximately $91,656,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of DraftKings stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the completion of the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the transaction, the insider now directly owns 2,291,406 shares of the company’s stock, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,396,101 shares of company stock worth $58,121,509. Company insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on DKNG shares. Morgan Stanley boosted their target price on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Wells Fargo & Company upped their price objective on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Moffett Nathanson raised their target price on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Bank Of America (Bofa) increased their price target on shares of DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Finally, Truist Financial reissued a “buy” rating and issued a $55.00 target price (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.31.

DraftKings Stock Down 0.9 %

Shares of DraftKings stock traded down $0.36 on Wednesday, reaching $40.85. 6,640,452 shares of the company were exchanged, compared to its average volume of 11,689,273. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The company has a 50-day moving average of $43.69 and a 200 day moving average of $38.22. DraftKings Inc. has a one year low of $20.26 and a one year high of $49.57. The company has a market capitalization of $35.40 billion, a price-to-earnings ratio of -23.34 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, February 16th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.16). DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company earned ($0.53) EPS. DraftKings’s quarterly revenue was up 43.9% on a year-over-year basis. On average, equities research analysts forecast that DraftKings Inc. will post -0.25 earnings per share 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.