Envestnet Portfolio Solutions Inc. Acquires 11,894 Shares of DraftKings Inc. (NASDAQ:DKNG)

Envestnet Portfolio Solutions Inc. increased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 150,769 shares of the company's stock after acquiring an additional 11,894 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in DraftKings were worth $5,609,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. bought a new stake in shares of DraftKings during the 4th quarter valued at about $246,765,000. Fred Alger Management LLC lifted its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. FMR LLC lifted its holdings in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company's stock worth $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Mizuho Securities USA LLC bought a new position in DraftKings during the 3rd quarter worth $28,028,000. Finally, Blue Whale Capital LLP grew its stake in DraftKings by 59.7% during the 3rd quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company's stock worth $64,475,000 after buying an additional 615,011 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DKNG has been the topic of several analyst reports. Susquehanna lowered their target price on DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a research report on Wednesday, January 8th. Morgan Stanley raised their target price on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Truist Financial boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, February 18th. Piper Sandler reaffirmed an "overweight" rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. Finally, Canaccord Genuity Group boosted their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.44.

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DraftKings Stock Up 2.7 %

NASDAQ DKNG traded up $1.05 during trading on Friday, reaching $39.49. The company's stock had a trading volume of 9,569,075 shares, compared to its average volume of 9,567,768. 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 stock has a market capitalization of $19.35 billion, a PE ratio of -37.25, a PEG ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The business has a 50-day moving average price of $42.17 and a 200-day moving average price of $40.22.

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

Insiders Place Their Bets

In other news, insider Paul Liberman sold 532,095 shares of the business's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares in the company, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the transaction, the insider now directly owns 653,843 shares of the company's stock, valued at approximately $25,499,877. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,663,966 shares of company stock valued at $112,550,362 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

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.