Commerce Bank Grows Holdings in DraftKings Inc. (NASDAQ:DKNG)

Commerce Bank lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 56.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,809 shares of the company’s stock after acquiring an additional 8,185 shares during the quarter. Commerce Bank’s holdings in DraftKings were worth $894,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of DKNG. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in DraftKings in the 3rd quarter worth about $349,000. Prospera Financial Services Inc grew its stake in shares of DraftKings by 5.3% in the 3rd quarter. Prospera Financial Services Inc now owns 10,181 shares of the company’s stock valued at $399,000 after buying an additional 509 shares during the period. Swiss National Bank increased its stake in DraftKings by 2.1% during the third quarter. Swiss National Bank now owns 1,294,564 shares of the company’s stock worth $50,747,000 after acquiring an additional 27,000 shares during the last quarter. Claro Advisors LLC lifted its position in DraftKings by 3.7% in the third quarter. Claro Advisors LLC now owns 17,829 shares of the company’s stock valued at $699,000 after buying an additional 631 shares during the last quarter. Finally, Atlanta Consulting Group Advisors LLC purchased a new position in shares of DraftKings during the 3rd quarter worth approximately $321,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 735,246 shares of company stock valued at $29,902,158. 51.19% of the stock is owned by company insiders.

DraftKings Trading Down 1.1 %

Shares of DraftKings stock opened at $43.09 on Monday. The firm has a market cap of $37.95 billion, a price-to-earnings ratio of -48.97 and a beta of 1.82. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company’s 50-day simple moving average is $38.92 and its 200-day simple moving average is $37.89. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on DKNG shares. BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. Barclays upped their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. The Goldman Sachs Group lowered their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. TD Cowen raised their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Susquehanna upped their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.85.

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.