Clearbridge Investments LLC Has $22.82 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Clearbridge Investments LLC boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 55.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 613,558 shares of the company's stock after acquiring an additional 218,304 shares during the period. Clearbridge Investments LLC owned approximately 0.13% of DraftKings worth $22,824,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in DKNG. The Manufacturers Life Insurance Company raised its stake in shares of DraftKings by 4.2% in the third quarter. The Manufacturers Life Insurance Company now owns 25,660 shares of the company's stock valued at $1,006,000 after purchasing an additional 1,039 shares in the last quarter. Townsquare Capital LLC increased its holdings in DraftKings by 4.3% in the 3rd quarter. Townsquare Capital LLC now owns 12,126 shares of the company's stock valued at $475,000 after buying an additional 501 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of DraftKings by 9.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,890 shares of the company's stock valued at $3,288,000 after buying an additional 7,055 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of DraftKings by 2.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company's stock worth $58,038,000 after acquiring an additional 35,466 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in shares of DraftKings by 241.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 5,453 shares of the company's stock valued at $214,000 after acquiring an additional 3,854 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Remove Ads

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 200,000 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the transaction, the insider now owns 1,342,722 shares of the company's stock, valued at $52,366,158. This represents a 12.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the sale, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is owned by company insiders.

DraftKings Trading Down 2.3 %

Shares of NASDAQ:DKNG traded down $0.73 during mid-day trading on Friday, reaching $31.67. The stock had a trading volume of 18,103,217 shares, compared to its average volume of 9,651,548. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The firm has a 50 day simple moving average of $41.21 and a two-hundred day simple moving average of $40.17. The firm has a market cap of $15.83 billion, a PE ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. On average, research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on DKNG. Susquehanna dropped their price target on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Stifel Nicolaus increased their target price on DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, February 18th. Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, Benchmark lifted their price objective on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.