DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Benjamin Edwards Inc.

Benjamin Edwards Inc. grew its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 20,948.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,890 shares of the company's stock after purchasing an additional 25,767 shares during the period. Benjamin Edwards Inc.'s holdings in DraftKings were worth $1,015,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of DKNG. Marshall Wace LLP raised its position in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock valued at $359,196,000 after purchasing an additional 3,269,932 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 valued at $253,509,000 after buying an additional 826,626 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of DraftKings by 8.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company's stock valued at $220,518,000 after buying an additional 441,975 shares during the period. Fred Alger Management LLC lifted its position in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company's stock worth $144,905,000 after acquiring an additional 870,789 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. BNP Paribas raised shares of DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 price target on the stock in a research note on Tuesday, September 10th. Benchmark reiterated a "buy" rating and issued a $44.00 price objective on shares of DraftKings in a report on Monday, October 7th. Morgan Stanley raised their target price on DraftKings from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. boosted their price target on DraftKings from $48.00 to $54.00 and gave the stock an "overweight" rating in a research note on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.04.

DraftKings Stock Performance

DKNG traded down $0.58 during trading on Friday, reaching $44.26. 11,346,291 shares of the company were exchanged, compared to its average volume of 10,040,599. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The stock has a market cap of $38.98 billion, a P/E ratio of -50.29 and a beta of 1.87. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The firm has a 50 day moving average of $39.77 and a 200 day moving average of $37.94.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, sell-side analysts forecast that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company's stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 735,246 shares of company stock worth $29,902,158. Company insiders own 51.19% of the company's stock.

DraftKings 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.