Geode Capital Management LLC lifted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 3.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,985,021 shares of the company's stock after buying an additional 284,131 shares during the period. Geode Capital Management LLC owned approximately 0.91% of DraftKings worth $312,361,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. boosted its holdings in shares of DraftKings by 7.7% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 124,989 shares of the company's stock worth $4,900,000 after purchasing an additional 8,901 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in DraftKings in the 3rd quarter valued at $4,066,000. Hodges Capital Management Inc. increased its stake in shares of DraftKings by 3.2% in the 3rd quarter. Hodges Capital Management Inc. now owns 776,672 shares of the company's stock worth $30,446,000 after acquiring an additional 24,282 shares during the last quarter. Kensington Investment Counsel LLC purchased a new position in shares of DraftKings during the 3rd quarter worth $233,000. Finally, Delos Wealth Advisors LLC acquired a new position in shares of DraftKings during the 3rd quarter valued at about $43,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at DraftKings
In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the company's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company's stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on 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 trade represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock worth $39,668,077 in the last 90 days. 51.19% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. TD Cowen lifted their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Mizuho increased their price objective on DraftKings from $54.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. BNP Paribas upgraded DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 target price on the stock in a research report on Tuesday, September 10th. Barclays increased their price target on DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Finally, UBS Group increased their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.
Check Out Our Latest Stock Analysis on DKNG
DraftKings Stock Performance
Shares of DKNG stock traded down $1.59 during mid-day trading on Friday, hitting $39.88. 10,980,103 shares of the stock were exchanged, compared to its average volume of 10,147,942. The stock's fifty day simple moving average is $40.07 and its two-hundred day simple moving average is $37.95. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The stock has a market capitalization of $35.12 billion, a price-to-earnings ratio of -45.32 and a beta of 1.87.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for 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, analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.
About DraftKings
(
Free Report)
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.
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