Bamco Inc. NY Has $153.56 Million Position in DraftKings Inc. $DKNG

Bamco Inc. NY boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,105,968 shares of the company’s stock after acquiring an additional 435,508 shares during the quarter. Bamco Inc. NY’s holdings in DraftKings were worth $153,563,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in DraftKings in the third quarter worth approximately $1,584,000. California Public Employees Retirement System raised its holdings in shares of DraftKings by 32.3% during the 3rd quarter. California Public Employees Retirement System now owns 836,030 shares of the company’s stock valued at $31,268,000 after purchasing an additional 204,209 shares in the last quarter. Cantor Fitzgerald L. P. bought a new position in shares of DraftKings during the 3rd quarter valued at $1,303,000. Bank of Nova Scotia lifted its stake in shares of DraftKings by 30.6% in the 3rd quarter. Bank of Nova Scotia now owns 14,137 shares of the company’s stock valued at $529,000 after purchasing an additional 3,312 shares during the last quarter. Finally, Algert Global LLC boosted its holdings in DraftKings by 544.2% in the third quarter. Algert Global LLC now owns 48,931 shares of the company’s stock worth $1,830,000 after purchasing an additional 41,335 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other DraftKings news, Director Harry Sloan bought 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was purchased at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the purchase, the director directly owned 350,219 shares in the company, valued at $7,652,285.15. This trade represents a 39.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the completion of the sale, the insider directly owned 500,000 shares in the company, valued at $16,005,000. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 547,345 shares of company stock valued at $14,111,660. 51.19% of the stock is owned by company insiders.

DraftKings Stock Up 1.2%

DraftKings stock opened at $25.87 on Friday. The firm has a market cap of $12.75 billion, a price-to-earnings ratio of -646.75, a P/E/G ratio of 1.06 and a beta of 1.67. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. DraftKings Inc. has a fifty-two week low of $21.01 and a fifty-two week high of $48.78. The firm has a fifty day moving average price of $27.88 and a two-hundred day moving average price of $33.25.

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. Berenberg Bank set a $26.40 target price on shares of DraftKings in a research report on Tuesday, February 24th. Bank of America reduced their price target on DraftKings from $37.50 to $30.00 and set a “neutral” rating for the company in a research report on Friday, February 13th. BMO Capital Markets upped their price target on DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Finally, Barclays reissued an “overweight” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $37.19.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.