Neuberger Berman Group LLC Boosts Stake in DraftKings Inc. (NASDAQ:DKNG)

Neuberger Berman Group LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,617,674 shares of the company's stock after buying an additional 59,966 shares during the quarter. Neuberger Berman Group LLC owned about 0.54% of DraftKings worth $97,377,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its holdings 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 during the period. Quantinno Capital Management LP boosted its holdings in DraftKings by 34.2% in the 3rd quarter. Quantinno Capital Management LP now owns 16,886 shares of the company's stock valued at $662,000 after purchasing an additional 4,302 shares during the last quarter. Stifel Financial Corp grew its stake in shares of DraftKings by 27.7% in the 3rd quarter. Stifel Financial Corp now owns 195,628 shares of the company's stock valued at $7,669,000 after buying an additional 42,431 shares during the period. Kovitz Investment Group Partners LLC increased its holdings in shares of DraftKings by 366.6% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 27,180 shares of the company's stock worth $1,065,000 after buying an additional 21,355 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its position in shares of DraftKings by 17.7% during the 3rd quarter. EP Wealth Advisors LLC now owns 10,221 shares of the company's stock valued at $401,000 after buying an additional 1,537 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Stifel Nicolaus raised their target price on DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Argus set a $60.00 price objective on DraftKings in a research report on Tuesday, February 18th. Guggenheim decreased their target price on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Wells Fargo & Company lifted their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Finally, Susquehanna decreased their price objective on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $55.27.

Insider Buying and Selling

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares of the company's stock, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares of the company's stock, valued at approximately $193,795,515.35. This represents a 12.48 % 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 worth $109,441,446 in the last 90 days. Company insiders own 51.19% of the company's stock.

DraftKings Stock Performance

Shares of DKNG stock traded down $0.96 during mid-day trading on Tuesday, hitting $33.27. 6,232,237 shares of the stock were exchanged, compared to its average volume of 9,781,788. The stock's fifty day simple moving average is $39.94 and its two-hundred day simple moving average is $39.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The stock has a market capitalization of $16.63 billion, a price-to-earnings ratio of -31.39, a P/E/G 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) EPS for the quarter, missing the consensus estimate 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, analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

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.