Caitong International Asset Management Co. Ltd Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Caitong International Asset Management Co. Ltd significantly increased its holdings in DraftKings Inc. by 344.6% in the 1st quarter, now owning 42,855 shares worth approximately $1.42 million.
• DraftKings reported $0.30 earnings per share (EPS) for the last quarter, surpassing analysts' expectations and achieving a 36.9% year-over-year revenue growth with revenues of $1.51 billion.
• The current consensus rating for DraftKings among equities research analysts is a "Moderate Buy" with a target price of $54.50, highlighting strong investor interest and confidence in the stock.

Caitong International Asset Management Co. Ltd increased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 344.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 42,855 shares of the company's stock after acquiring an additional 33,215 shares during the period. DraftKings makes up about 1.1% of Caitong International Asset Management Co. Ltd's holdings, making the stock its 11th largest holding. Caitong International Asset Management Co. Ltd's holdings in DraftKings were worth $1,423,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Resona Asset Management Co. Ltd. grew its holdings in shares of DraftKings by 3.7% during the first quarter. Resona Asset Management Co. Ltd. now owns 129,846 shares of the company's stock worth $4,348,000 after purchasing an additional 4,607 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of DraftKings by 16.1% during the first quarter. HighTower Advisors LLC now owns 193,897 shares of the company's stock worth $6,439,000 after buying an additional 26,841 shares during the last quarter. AGF Management Ltd. purchased a new position in shares of DraftKings during the first quarter worth about $83,622,000. Independent Advisor Alliance grew its holdings in shares of DraftKings by 3.5% during the first quarter. Independent Advisor Alliance now owns 19,869 shares of the company's stock worth $660,000 after buying an additional 674 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of DraftKings during the first quarter worth about $107,739,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Trading Up 0.9%

DraftKings stock opened at $43.10 on Wednesday. The firm has a 50 day simple moving average of $41.84 and a 200-day simple moving average of $39.44. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $38.33 billion, a PE ratio of -66.31, a price-to-earnings-growth ratio of 1.24 and a beta of 1.70. DraftKings Inc. has a 12-month low of $29.29 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business's revenue was up 36.9% on a year-over-year basis. During the same period last year, the firm posted $0.12 earnings per share. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on DKNG shares. Mizuho reduced their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Needham & Company LLC reiterated a "buy" rating and set a $65.00 price target on shares of DraftKings in a research report on Friday, May 9th. Cowen reiterated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Truist Financial lifted their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Guggenheim cut their price objective on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, the director owned 5,947 shares in the company, valued at $209,810.16. This represents a 34.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 642,181 shares of company stock valued at $26,615,625 in the last ninety days. Company insiders own 47.08% 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.

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