Geode Capital Management LLC increased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 1.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,075,009 shares of the company's stock after purchasing an additional 89,988 shares during the quarter. Geode Capital Management LLC owned approximately 1.66% of DraftKings worth $299,921,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the fourth quarter worth $28,000. Synergy Asset Management LLC bought a new stake in DraftKings during the fourth quarter valued at $30,000. Synergy Investment Management LLC acquired a new stake in DraftKings during the 4th quarter worth about $37,000. Delos Wealth Advisors LLC bought a new position in shares of DraftKings in the 3rd quarter worth about $43,000. Finally, YANKCOM Partnership acquired a new position in shares of DraftKings in the 4th quarter valued at about $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. BTIG Research set a $59.00 target price on DraftKings in a report on Monday, February 3rd. Piper Sandler reiterated an "overweight" rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, February 14th. TD Cowen lowered their price objective on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Finally, Cowen reissued a "buy" rating on shares of DraftKings in a report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.04.
View Our Latest Analysis on DraftKings
DraftKings Stock Performance
DKNG traded down $1.33 during trading hours on Thursday, hitting $34.51. The stock had a trading volume of 3,922,844 shares, compared to its average volume of 9,727,132. The stock has a market cap of $17.25 billion, a PE ratio of -32.48, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company's fifty day simple moving average is $40.39 and its 200 day simple moving average is $39.96.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.
Insider Activity at DraftKings
In related news, insider Jason Robins sold 666,651 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares of the company's stock, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares of the company's stock, valued at approximately $26,583,044.40. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,775,525 shares of company stock worth $117,241,446. 47.08% of the stock is owned by company insiders.
DraftKings Company Profile
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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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