Federated Hermes Inc. Has $68.94 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Federated Hermes Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,853,200 shares of the company's stock after buying an additional 324,700 shares during the quarter. Federated Hermes Inc. owned approximately 0.38% of DraftKings worth $68,939,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in DraftKings by 1.4% in the fourth 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. Geode Capital Management LLC boosted its stake in DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock worth $299,921,000 after acquiring an additional 89,988 shares during the last quarter. Norges Bank acquired a new position in DraftKings during the fourth quarter valued at approximately $276,328,000. Massachusetts Financial Services Co. MA increased its stake in 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 purchasing an additional 1,036,763 shares in the last quarter. Finally, Baillie Gifford & Co. acquired a new stake in DraftKings in the fourth quarter worth $246,765,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DKNG. Barclays upped their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Guggenheim cut their price objective on DraftKings from $62.00 to $61.00 and set a "buy" rating for the company in a report on Thursday. Cowen restated a "buy" rating on shares of DraftKings in a report on Tuesday, February 4th. Stifel Nicolaus lifted their price objective on shares of DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a research report on Tuesday, February 18th. Finally, Citigroup reaffirmed an "outperform" rating on shares of DraftKings in a report on Wednesday, April 2nd. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $55.04.

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DraftKings Price Performance

DraftKings stock traded down $0.51 during trading hours on Friday, reaching $34.22. 13,135,609 shares of the stock were exchanged, compared to its average volume of 9,792,976. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market cap of $17.11 billion, a P/E ratio of -32.28, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The stock has a 50 day moving average of $40.10 and a two-hundred day moving average of $39.89. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its 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 net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on 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 transaction, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now owns 179,435 shares of the company's stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,575,525 shares of company stock valued at $109,441,446 in the last quarter. Insiders own 47.08% of the company's stock.

DraftKings Company Profile

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.