DraftKings Inc. $DKNG Shares Purchased by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 7.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 134,726 shares of the company’s stock after acquiring an additional 9,866 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in DraftKings were worth $5,778,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Brooklyn Investment Group boosted its holdings in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after buying an additional 270 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after acquiring an additional 286 shares during the last quarter. Stevens Capital Management LP boosted its stake in shares of DraftKings by 3.7% during the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock worth $299,000 after acquiring an additional 319 shares in the last quarter. Finally, Stonekeep Investments LLC boosted its stake in shares of DraftKings by 5.2% during the 1st quarter. Stonekeep Investments LLC now owns 7,220 shares of the company’s stock worth $240,000 after acquiring an additional 357 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Up 3.4%

Shares of NASDAQ:DKNG opened at $29.99 on Friday. The company has a market cap of $14.93 billion, a P/E ratio of -52.61, a P/E/G ratio of 2.40 and a beta of 1.86. The stock’s 50-day moving average is $34.53 and its 200-day moving average is $39.13. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm posted ($0.60) EPS. DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. Equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $29.00, for a total value of $1,530,533.00. Following the sale, the insider directly owned 500,454 shares in the company, valued at approximately $14,513,166. This represents a 9.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the sale, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 219,529 shares of company stock worth $8,601,273 over the last quarter. 51.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on DKNG. Jefferies Financial Group set a $52.00 target price on DraftKings in a research note on Monday, October 6th. Canaccord Genuity Group dropped their price objective on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a research report on Monday, November 10th. Sanford C. Bernstein decreased their target price on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating for the company in a research report on Monday, November 10th. Finally, Mizuho dropped their price target on shares of DraftKings from $54.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, November 13th. Twenty-five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.38.

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.