Sumitomo Mitsui DS Asset Management Company Ltd Purchases 6,059 Shares of DraftKings Inc. (NASDAQ:DKNG)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 18.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,428 shares of the company’s stock after purchasing an additional 6,059 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in DraftKings were worth $1,467,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Pine Valley Investments Ltd Liability Co raised its stake in DraftKings by 3.7% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after buying an additional 249 shares during the period. Claro Advisors LLC increased its holdings in shares of DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after acquiring an additional 264 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after purchasing an additional 273 shares during the period. Westside Investment Management Inc. lifted its holdings in shares of DraftKings by 0.6% during the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after purchasing an additional 288 shares in the last quarter. Finally, Nvwm LLC grew its position in shares of DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after purchasing an additional 312 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research analyst reports. BMO Capital Markets restated an “outperform” rating and set a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. Mizuho boosted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. TD Cowen lowered their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. increased their price objective on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

DraftKings Stock Performance

DKNG opened at $43.44 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day simple moving average of $40.32 and a 200 day simple moving average of $38.46. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a market capitalization of $21.18 billion, a PE ratio of -49.36, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93.

Insider Activity

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on 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 sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 963,742 shares of company stock valued at $38,082,888. 51.19% of the stock is owned by company insiders.

About DraftKings

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.