Jones Financial Companies Lllp Grows Stake in DraftKings Inc. (NASDAQ:DKNG)

Jones Financial Companies Lllp raised its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 97.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,148 shares of the company's stock after buying an additional 13,862 shares during the quarter. Jones Financial Companies Lllp's holdings in DraftKings were worth $1,047,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in DKNG. Principal Financial Group Inc. grew its holdings in shares of DraftKings by 14.6% in the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Mizuho Securities USA LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at about $28,028,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock valued at $124,470,000 after acquiring an additional 86,336 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in DraftKings by 238.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock worth $19,481,000 after acquiring an additional 350,215 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in DraftKings by 2.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company's stock worth $58,038,000 after acquiring an additional 35,466 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

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Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Macquarie lifted their target price on DraftKings from $50.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. Benchmark increased their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research note on Monday. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Stifel Nicolaus increased their price objective on shares of DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a research report on Tuesday, February 18th. Finally, BTIG Research set a $59.00 target price on DraftKings in a research note on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $54.44.

Insider Buying and Selling at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the sale, the insider now owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. This trade represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 200,000 shares of the business's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now owns 1,342,722 shares of the company's stock, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,558,412 shares of company stock valued at $108,506,588. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of DraftKings stock traded up $1.42 during midday trading on Tuesday, hitting $38.66. The company had a trading volume of 14,820,828 shares, compared to its average volume of 9,625,036. The company has a fifty day simple moving average of $42.06 and a 200 day simple moving average of $40.08. The stock has a market cap of $18.94 billion, a price-to-earnings ratio of -36.47, a PEG ratio of 1.43 and a beta of 2.07. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings 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.