Siemens Fonds Invest GmbH Takes $665,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Siemens Fonds Invest GmbH acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,879 shares of the company's stock, valued at approximately $665,000.

A number of other hedge funds have also recently added to or reduced their stakes in DKNG. Principal Financial Group Inc. increased its stake in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Grassi Investment Management boosted its holdings in DraftKings by 16.4% in the fourth quarter. Grassi Investment Management now owns 29,500 shares of the company's stock worth $1,097,000 after purchasing an additional 4,150 shares in the last quarter. Assenagon Asset Management S.A. increased its position in DraftKings by 172.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company's stock worth $13,540,000 after buying an additional 230,252 shares during the last quarter. Park Avenue Securities LLC raised its holdings in DraftKings by 5.7% during the fourth quarter. Park Avenue Securities LLC now owns 36,662 shares of the company's stock valued at $1,364,000 after buying an additional 1,966 shares in the last quarter. Finally, Empirical Asset Management LLC acquired a new stake in shares of DraftKings in the fourth quarter worth about $429,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Trading Up 0.8%

Shares of DKNG stock opened at $36.90 on Friday. The firm has a fifty day moving average of $35.25 and a 200-day moving average of $39.31. The stock has a market cap of $32.58 billion, a price-to-earnings ratio of -34.81, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 666,651 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the transaction, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This trade represents a 12.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,697,908 shares of company stock valued at $112,137,019. 47.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of analyst reports. Canaccord Genuity Group increased their price objective on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. Morgan Stanley increased their price target on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Monday, February 24th. 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 note on Monday, May 12th. BTIG Research lowered their target price on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Argus set a $60.00 target price on shares of DraftKings in a report on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. According to data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $55.04.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.