DraftKings Inc. (NASDAQ:DKNG) Holdings Lifted by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 7.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,989 shares of the company’s stock after acquiring an additional 8,901 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in DraftKings were worth $4,900,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DKNG. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings in the third quarter worth approximately $28,028,000. Janney Montgomery Scott LLC increased its stake in DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock valued at $14,826,000 after buying an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. lifted its position in DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after buying an additional 86,336 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after buying an additional 350,215 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. TD Cowen raised 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. Mizuho boosted their price target on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $51.00.

DraftKings Stock Performance

NASDAQ DKNG opened at $39.88 on Friday. The company’s fifty day moving average is $40.07 and its two-hundred day moving average is $37.94. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. 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 firm has a market capitalization of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share 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 firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Equities research analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Activity

In other news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 963,742 shares of company stock worth $39,668,077. Company insiders own 51.19% of the company’s stock.

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.