Allstate Corp Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Allstate Corp bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,844 shares of the company’s stock, valued at approximately $478,000.

Several other large investors also recently modified their holdings of the stock. DnB Asset Management AS grew its holdings in DraftKings by 1.4% during the fourth quarter. DnB Asset Management AS now owns 70,658 shares of the company’s stock valued at $2,628,000 after purchasing an additional 978 shares during the period. Level Four Advisory Services LLC raised its stake in shares of DraftKings by 15.4% in the fourth quarter. Level Four Advisory Services LLC now owns 8,559 shares of the company’s stock valued at $318,000 after buying an additional 1,143 shares during the period. Norges Bank purchased a new position in shares of DraftKings during the 4th quarter valued at $276,328,000. Amica Mutual Insurance Co. grew its stake in shares of DraftKings by 9.5% during the 4th quarter. Amica Mutual Insurance Co. now owns 31,981 shares of the company’s stock worth $1,190,000 after acquiring an additional 2,764 shares during the period. Finally, WINTON GROUP Ltd increased its holdings in DraftKings by 12.6% in the 4th quarter. WINTON GROUP Ltd now owns 42,073 shares of the company’s stock worth $1,565,000 after acquiring an additional 4,704 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In other news, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the transaction, the insider now directly owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 666,651 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $33.19 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market cap of $16.59 billion, a PE ratio of -31.31, a PEG ratio of 1.43 and a beta of 2.07. The company’s fifty day moving average is $41.72 and its 200 day moving average is $40.29. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) 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%. Research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. TD Cowen cut their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $50.00 price target on shares of DraftKings in a research report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $54.42.

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.