Capital Research Global Investors lessened its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 3.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 5,660,781 shares of the company's stock after selling 185,658 shares during the quarter. Capital Research Global Investors owned about 1.16% of DraftKings worth $210,581,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of DraftKings during the fourth quarter worth approximately $276,328,000. FMR LLC grew its holdings in DraftKings by 110.6% in the 4th 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 in the last quarter. Baillie Gifford & Co. bought a new position in DraftKings during the 4th quarter worth $246,765,000. Contrarius Group Holdings Ltd acquired a new stake in shares of DraftKings during the fourth quarter worth $58,397,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 18.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company's stock valued at $252,867,000 after acquiring an additional 1,036,763 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on DKNG. Guggenheim cut their price objective on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Canaccord Genuity Group raised their price objective on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Citigroup reiterated an "outperform" rating on shares of DraftKings in a research report on Wednesday, April 2nd. Argus set a $60.00 price target on DraftKings in a research report on Tuesday, February 18th. Finally, Barclays cut their price objective on shares of DraftKings from $60.00 to $50.00 and set an "overweight" rating for the company in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. According to MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and a consensus price target of $54.74.
Get Our Latest Stock Report on DraftKings
DraftKings Stock Performance
NASDAQ:DKNG traded down $0.39 during trading on Friday, reaching $33.79. The company's stock had a trading volume of 10,412,029 shares, compared to its average volume of 9,786,978. The firm has a 50 day moving average of $37.91 and a 200-day moving average of $39.55. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $29.84 billion, a price-to-earnings ratio of -31.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.
Insider Buying and Selling at DraftKings
In other DraftKings news, insider Jason Robins sold 666,651 shares of DraftKings stock in a transaction dated 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 sale, the insider now owns 3,336,195 shares of the company's stock, valued at $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was 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 directly owns 4,118,927 shares of the company's stock, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock valued at $111,145,088 in the last quarter. 51.19% of the stock is currently owned by corporate insiders.
DraftKings Company Profile
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Free Report)
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.
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