Alliancebernstein L.P. Acquires 1,014,314 Shares of DraftKings Inc. (NASDAQ:DKNG)

Alliancebernstein L.P. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 80.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,274,067 shares of the company's stock after acquiring an additional 1,014,314 shares during the period. Alliancebernstein L.P. owned approximately 0.47% of DraftKings worth $84,595,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in DKNG. Norges Bank bought a new position in DraftKings during the 4th quarter worth approximately $276,328,000. Baillie Gifford & Co. acquired a new stake in DraftKings in the fourth quarter worth $246,765,000. Contrarius Group Holdings Ltd bought a new position in shares of DraftKings during the fourth quarter worth $58,397,000. Vanguard Group Inc. grew its holdings in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after buying an additional 584,452 shares during the period. Finally, Mediolanum International Funds Ltd bought a new stake in shares of DraftKings in the 4th quarter valued at $17,334,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of DKNG traded up $0.46 during midday trading on Tuesday, reaching $33.34. The stock had a trading volume of 4,256,106 shares, compared to its average volume of 9,667,715. The firm has a market cap of $16.67 billion, a PE ratio of -31.40, a P/E/G ratio of 1.43 and a beta of 2.16. The firm has a 50 day simple moving average of $41.05 and a 200-day simple moving average of $40.13. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

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DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares of the company's stock, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Company insiders own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Cowen reiterated a "buy" rating on shares of DraftKings in a report on Tuesday, February 4th. JMP Securities set a $57.00 price objective on DraftKings in a report on Wednesday, April 2nd. Stifel Nicolaus increased their target price on DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Susquehanna cut their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a research note on Wednesday, January 8th. Finally, BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.69.

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.