Sterling Capital Management LLC Purchases 7,610 Shares of DraftKings Inc. (NASDAQ:DKNG)

Sterling Capital Management LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,596 shares of the company's stock after buying an additional 7,610 shares during the period. Sterling Capital Management LLC's holdings in DraftKings were worth $6,235,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after acquiring an additional 29,991 shares during the period. Vestmark Advisory Solutions Inc. raised its stake in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after purchasing an additional 26,164 shares in the last quarter. Stifel Financial Corp lifted its holdings in DraftKings by 27.7% in the third quarter. Stifel Financial Corp now owns 195,628 shares of the company's stock worth $7,669,000 after purchasing an additional 42,431 shares during the period. Bryn Mawr Capital Management LLC bought a new position in DraftKings in the 4th quarter valued at about $874,000. Finally, Highland Capital Management LLC acquired a new position in DraftKings during the 4th quarter valued at about $1,086,000. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction 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 of the company's stock, valued at approximately $120,537,585. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,575,525 shares of company stock worth $109,441,446. Insiders own 51.19% of the company's stock.

Remove Ads

DraftKings Stock Down 2.0 %

Shares of NASDAQ:DKNG traded down $0.69 during trading on Tuesday, reaching $33.54. 11,696,337 shares of the company traded hands, compared to its average volume of 9,810,571. 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 firm has a market cap of $16.77 billion, a P/E ratio of -31.64, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The firm has a fifty day simple moving average of $39.94 and a 200 day simple moving average of $39.84.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data 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 net margin of 10.64% and a negative return on equity of 48.13%. Analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on DKNG. Stifel Nicolaus upped their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. JMP Securities set a $57.00 target price on DraftKings in a research report on Wednesday, April 2nd. TD Cowen lowered their price target on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research report on Tuesday, February 4th. Piper Sandler restated an "overweight" rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Finally, Cowen reaffirmed a "buy" rating on shares of DraftKings in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and an average price target of $55.27.

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.