DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Commerce Bank

Key Points

• Commerce Bank increased its stake in DraftKings by 32.0% in Q1, holding 30,053 shares valued at approximately $998,000.
• DraftKings shares are currently trading around $45.36, reflecting a 0.9% increase, with an average price target from analysts set at $54.37.
• Insider sales included R Stanton Dodge selling over 105,000 shares for approximately $4.59 million, reducing his ownership by 17.43%.

Commerce Bank increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 32.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,053 shares of the company's stock after purchasing an additional 7,280 shares during the period. Commerce Bank's holdings in DraftKings were worth $998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. American Century Companies Inc. lifted its stake in shares of DraftKings by 92.7% in the 4th quarter. American Century Companies Inc. now owns 42,322 shares of the company's stock valued at $1,574,000 after purchasing an additional 20,365 shares during the period. Schroder Investment Management Group purchased a new position in shares of DraftKings in the fourth quarter valued at approximately $993,000. Resona Asset Management Co. Ltd. acquired a new stake in DraftKings during the 4th quarter worth $4,670,000. FMR LLC raised its position in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Finally, Employees Retirement System of Texas purchased a new position in shares of DraftKings in the fourth quarter worth about $1,822,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In related news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director directly owned 5,947 shares in the company, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the sale, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 642,181 shares of company stock worth $25,550,925. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DKNG has been the subject of several research reports. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Stifel Nicolaus dropped their price target on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Sanford C. Bernstein started coverage on DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price target for the company. BMO Capital Markets reissued an "outperform" rating and set a $65.00 price objective on shares of DraftKings in a research note on Thursday, April 24th. Finally, JMP Securities dropped their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $54.74.

DraftKings Trading Down 5.1%

NASDAQ:DKNG traded down $2.32 during trading hours on Friday, reaching $42.88. 16,810,969 shares of the stock were exchanged, compared to its average volume of 10,467,946. DraftKings Inc. has a twelve month low of $29.29 and a twelve month high of $53.61. The business has a 50-day moving average of $41.34 and a two-hundred day moving average of $39.42. The company has a market capitalization of $38.13 billion, a price-to-earnings ratio of -65.97, a PEG ratio of 1.53 and a beta of 1.70. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative return on equity of 30.23% and a negative net margin of 5.63%. DraftKings's revenue was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. On average, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

About DraftKings

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.