Vestmark Advisory Solutions Inc. Raises Holdings in DraftKings Inc. (NASDAQ:DKNG)

Vestmark Advisory Solutions Inc. raised its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 27.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 120,684 shares of the company's stock after purchasing an additional 26,164 shares during the quarter. Vestmark Advisory Solutions Inc.'s holdings in DraftKings were worth $4,766,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $246,765,000. Fred Alger Management LLC boosted its position in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock valued at $182,039,000 after buying an additional 1,476,003 shares during the period. FMR LLC grew its stake in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company's stock worth $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings during the third quarter worth $28,028,000. Finally, Blue Whale Capital LLP raised its stake in shares of DraftKings by 59.7% in the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company's stock valued at $64,475,000 after acquiring an additional 615,011 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jason Robins sold 666,651 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 532,095 shares of DraftKings stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the completion of the sale, the insider now directly owns 68,654 shares of the company's stock, valued at $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,554,992 shares of company stock worth $108,362,948 over the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

Remove Ads

DraftKings Stock Performance

DraftKings stock traded down $2.17 during midday trading on Monday, hitting $37.24. 14,543,582 shares of the company's stock were exchanged, compared to its average volume of 9,604,258. 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 stock has a market cap of $18.25 billion, a price-to-earnings ratio of -35.13, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The firm's 50 day simple moving average is $42.06 and its 200 day simple moving average is $40.07.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on DKNG shares. Truist Financial boosted their target price on DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. TD Cowen cut their target price on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.44.

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.