Zurcher Kantonalbank Zurich Cantonalbank Has $1.15 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Posted by Defense World Staff on Aug 16th, 2023

Zurcher Kantonalbank Zurich Cantonalbank grew its position in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,295 shares of the company’s stock after purchasing an additional 3,914 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in DraftKings were worth $1,148,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of DraftKings during the fourth quarter worth $32,704,000. Vanguard Group Inc. increased its position in shares of DraftKings by 6.5% during the third quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock worth $524,322,000 after acquiring an additional 2,121,342 shares in the last quarter. Eminence Capital LP bought a new stake in shares of DraftKings during the fourth quarter worth $21,108,000. Contrarius Investment Management Ltd increased its position in shares of DraftKings by 32.5% during the fourth quarter. Contrarius Investment Management Ltd now owns 5,578,196 shares of the company’s stock worth $63,536,000 after acquiring an additional 1,367,115 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. increased its position in shares of DraftKings by 6.1% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 13,991,943 shares of the company’s stock worth $159,368,000 after acquiring an additional 798,877 shares in the last quarter. 30.57% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on DKNG. UBS Group raised shares of DraftKings from a “neutral” rating to a “buy” rating and raised their target price for the company from $19.00 to $30.00 in a research report on Monday, May 22nd. Guggenheim raised their target price on shares of DraftKings from $27.00 to $32.00 in a research report on Monday, May 8th. TD Cowen raised their target price on shares of DraftKings from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Benchmark raised their target price on shares of DraftKings from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Finally, JMP Securities raised their target price on shares of DraftKings from $33.00 to $39.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $32.29.

Check Out Our Latest Research Report on DKNG

Insider Activity at DraftKings

In related news, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $90,360.00. Following the sale, the chief accounting officer now directly owns 25,070 shares of the company’s stock, valued at approximately $755,108.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other DraftKings news, CAO Erik Bradbury sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $90,360.00. Following the sale, the chief accounting officer now directly owns 25,070 shares of the company’s stock, valued at approximately $755,108.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jason Park sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $25.00, for a total transaction of $5,000,000.00. Following the sale, the chief financial officer now directly owns 216,654 shares in the company, valued at $5,416,350. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,362,766 shares of company stock valued at $38,425,557. 55.92% of the stock is owned by insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $28.33 on Wednesday. The stock has a market capitalization of $24.28 billion, a PE ratio of -11.02 and a beta of 1.81. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 1.23. The firm has a 50 day moving average of $28.20 and a 200-day moving average of $22.96. DraftKings Inc. has a 12 month low of $10.69 and a 12 month high of $34.49.

DraftKings Company Profile

(Free Report)

DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.