Metis Global Partners LLC Takes $213,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Metis Global Partners LLC purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 5,437 shares of the company’s stock, valued at approximately $213,000.

Several other large investors have also added to or reduced their stakes in the stock. Marshall Wace LLP lifted its position in shares of DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. boosted its position in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after acquiring an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP purchased a new position in shares of DraftKings during the 2nd quarter worth approximately $39,306,000. Kodai Capital Management LP bought a new position in shares of DraftKings in the 1st quarter worth approximately $41,276,000. Finally, AQR Capital Management LLC lifted its stake in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. Morgan Stanley increased their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. The Goldman Sachs Group cut their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, August 5th. JMP Securities lifted their target price on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a report on Monday, November 11th. Finally, TD Cowen upped their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.85.

Insider Transactions at DraftKings

In related news, 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 transaction of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 820,536 shares of company stock worth $32,916,465 in the last three months. Corporate insiders own 48.94% of the company’s stock.

DraftKings Stock Up 2.0 %

DKNG stock opened at $43.21 on Wednesday. The business’s 50-day moving average is $38.61 and its two-hundred day moving average is $37.89. The company has a market cap of $38.05 billion, a price-to-earnings ratio of -49.10 and a beta of 1.82. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.12 billion. As a group, analysts forecast that DraftKings Inc. will post -0.73 earnings per share for the current year.

DraftKings 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.