Amundi Has $38.50 Million Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Amundi grew its position in DraftKings Inc. (NASDAQ:DKNG) by 14.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,003,946 shares of the company’s stock after purchasing an additional 126,171 shares during the period. Amundi’s holdings in DraftKings were worth $38,501,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings in the 4th quarter valued at $28,000. Synergy Asset Management LLC bought a new position in DraftKings during the fourth quarter valued at about $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings in the fourth quarter worth about $37,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings during the 3rd quarter worth about $43,000. Finally, YANKCOM Partnership acquired a new position in shares of DraftKings during the 4th quarter valued at about $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DKNG has been the subject of several analyst reports. Susquehanna reduced their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Piper Sandler restated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. JMP Securities reiterated a “market outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Friday, February 14th. Truist Financial boosted their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Finally, Stifel Nicolaus raised their price target on DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $54.44.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares of the company’s stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,558,412 shares of company stock worth $108,506,588 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

NASDAQ DKNG opened at $38.63 on Thursday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $18.93 billion, a P/E ratio of -36.44, a PEG ratio of 1.43 and a beta of 2.07. The company’s 50-day simple moving average is $42.12 and its 200 day simple moving average is $40.09.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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, research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.