Fmr LLC Increases Position in DraftKings Inc. (NASDAQ:DKNG)

FMR LLC increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 14.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,467,066 shares of the company's stock after purchasing an additional 826,626 shares during the quarter. FMR LLC owned 0.74% of DraftKings worth $253,509,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its stake in shares of DraftKings by 4.2% during the 3rd 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. Canton Hathaway LLC bought a new position in DraftKings in the third quarter worth approximately $160,000. Blue Whale Capital LLP grew its position in shares of DraftKings by 59.7% during the 3rd 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 during the period. Bank of Hawaii increased its stake in shares of DraftKings by 99.1% in the 3rd quarter. Bank of Hawaii now owns 52,713 shares of the company's stock worth $2,066,000 after purchasing an additional 26,235 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in DraftKings by 8.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 39,966 shares of the company's stock worth $1,567,000 after purchasing an additional 2,980 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on DKNG shares. Mizuho raised their price objective on DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a research note on Friday, October 18th. UBS Group upped their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Susquehanna raised their price target on DraftKings from $48.00 to $50.00 and gave the company a "positive" rating in a report on Monday, October 7th. Benchmark reiterated a "buy" rating and set a $44.00 target price on shares of DraftKings in a research report on Monday, October 7th. Finally, BNP Paribas raised DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 price target on the stock in a report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and an average price target of $51.04.

Insider Activity

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of the firm's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares of the company's stock, valued at approximately $5,662,581.92. This trade represents a 82.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 735,246 shares of company stock valued at $29,902,158 over the last ninety days. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Up 1.4 %

NASDAQ:DKNG traded up $0.62 during mid-day trading on Monday, hitting $43.65. 3,610,727 shares of the company's stock traded hands, compared to its average volume of 10,265,509. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $38.44 billion, a P/E ratio of -49.60 and a beta of 1.82. The company has a fifty day moving average of $39.36 and a 200 day moving average of $37.86. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

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