CIBC Asset Management Inc Acquires 746 Shares of DraftKings Inc. (NASDAQ:DKNG)

CIBC Asset Management Inc boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,436 shares of the company’s stock after purchasing an additional 746 shares during the period. CIBC Asset Management Inc’s holdings in DraftKings were worth $537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in DKNG. Stonebridge Financial Group LLC acquired a new stake in DraftKings in the fourth quarter valued at $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings in the fourth quarter valued at $30,000. Delos Wealth Advisors LLC acquired a new stake in DraftKings in the third quarter valued at $43,000. Creative Financial Designs Inc. ADV lifted its stake in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after acquiring an additional 320 shares during the last quarter. Finally, YANKCOM Partnership acquired a new stake in DraftKings in the fourth quarter valued at $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,160,591 shares of company stock valued at $46,945,158. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

DKNG stock opened at $45.57 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market cap of $22.33 billion, a P/E ratio of -42.99, a P/E/G ratio of 1.43 and a beta of 1.93. The company’s 50-day moving average price is $41.41 and its two-hundred day moving average price is $39.34.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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%. On average, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on DKNG shares. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research note on Tuesday. Truist Financial raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. raised their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Finally, Canaccord Genuity Group raised their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.26.

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.