Massachusetts Financial Services Co. MA Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Massachusetts Financial Services Co. MA boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 18.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,797,507 shares of the company's stock after purchasing an additional 1,036,763 shares during the period. Massachusetts Financial Services Co. MA owned 1.39% of DraftKings worth $252,867,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after buying an additional 584,452 shares during the period. Geode Capital Management LLC grew its holdings in shares of DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock worth $299,921,000 after purchasing an additional 89,988 shares in the last quarter. Norges Bank acquired a new stake in DraftKings during the fourth quarter worth about $276,328,000. Baillie Gifford & Co. bought a new position in DraftKings in the fourth quarter valued at approximately $246,765,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of DraftKings by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock worth $120,576,000 after buying an additional 66,042 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares in the company, valued at $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Insiders own 47.08% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages recently commented on DKNG. Argus set a $60.00 price objective on shares of DraftKings in a research note on Tuesday, February 18th. Barclays upped their target price on DraftKings from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. JMP Securities set a $57.00 price target on DraftKings in a report on Wednesday, April 2nd. Truist Financial lifted their price objective on shares of DraftKings from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, February 18th. Finally, Canaccord Genuity Group upped their price target on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.69.

DraftKings Stock Performance

NASDAQ:DKNG traded up $3.95 during trading on Wednesday, reaching $35.84. The company's stock had a trading volume of 19,320,734 shares, compared to its average volume of 9,749,050. The firm has a market cap of $17.92 billion, a price-to-earnings ratio of -33.81, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a 50 day moving average of $40.39 and a 200-day moving average of $39.96.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data 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%. Research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal 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.