Ipswich Investment Management Co. Inc. Purchases Shares of 5,105 DraftKings Inc. (NASDAQ:DKNG)

Ipswich Investment Management Co. Inc. acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the third quarter, HoldingsChannel.com reports. The firm acquired 5,105 shares of the company’s stock, valued at approximately $200,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Marshall Wace LLP lifted its position in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after acquiring an additional 1,493,995 shares during the last quarter. Blue Whale Capital LLP purchased a new position in shares of DraftKings during the 2nd quarter worth about $39,306,000. Kodai Capital Management LP bought a new position in DraftKings during the 1st quarter valued at about $41,276,000. Finally, AQR Capital Management LLC raised its position in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $39.84 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. The stock’s 50-day moving average is $38.35 and its two-hundred day moving average is $37.94.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Analysts predict that DraftKings Inc. will post -0.73 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the topic of several recent analyst reports. Macquarie increased their price target on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. TD Cowen lifted their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 target price on shares of DraftKings in a research report on Wednesday, October 16th. Finally, JMP Securities boosted their price target on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.85.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This trade represents a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,020,536 shares of company stock worth $39,966,465. 51.19% of the stock is owned by company insiders.

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.