Anchor Investment Management LLC Grows Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Anchor Investment Management LLC grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.9% in the third quarter, HoldingsChannel reports. The fund owned 9,422 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Anchor Investment Management LLC’s holdings in DraftKings were worth $369,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of DKNG. Westside Investment Management Inc. increased its holdings in shares of DraftKings by 26.5% during the 3rd quarter. Westside Investment Management Inc. now owns 44,830 shares of the company’s stock worth $1,757,000 after buying an additional 9,385 shares during the last quarter. First Dallas Securities Inc. increased its stake in DraftKings by 2.0% during the third quarter. First Dallas Securities Inc. now owns 78,316 shares of the company’s stock worth $3,070,000 after acquiring an additional 1,516 shares during the last quarter. Geode Capital Management LLC increased its stake in DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after acquiring an additional 284,131 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of DraftKings by 7.7% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 124,989 shares of the company’s stock worth $4,900,000 after purchasing an additional 8,901 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of DraftKings in the 3rd quarter valued at about $4,066,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

Shares of DKNG opened at $39.88 on Friday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The firm has a market cap of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87. The stock has a 50 day moving average of $40.07 and a 200-day moving average of $37.94.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS 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 business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was 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 owns 541,884 shares in the company, valued at $23,160,122.16. The trade was a 29.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock worth $39,668,077 over the last quarter. 51.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on DKNG shares. TD Cowen increased their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Barclays raised their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. Finally, Mizuho upped their target price on DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

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.