Stevens Capital Management LP Invests $323,000 in DraftKings Inc. (NASDAQ:DKNG)

Stevens Capital Management LP purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 8,670 shares of the company's stock, valued at approximately $323,000.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock valued at $312,361,000 after purchasing an additional 284,131 shares in the last quarter. Baillie Gifford & Co. bought a new position in DraftKings in the 4th quarter valued at about $246,765,000. FMR LLC raised its position in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company's stock valued at $253,509,000 after buying an additional 826,626 shares in the last quarter. Fred Alger Management LLC lifted its holdings in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock valued at $120,576,000 after purchasing an additional 66,042 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DKNG shares. Truist Financial boosted their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, February 18th. Piper Sandler restated an "overweight" rating and set a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. BTIG Research set a $59.00 price target on DraftKings in a report on Monday, February 3rd. Barclays raised their price objective on shares of DraftKings from $50.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Finally, Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.44.

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Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now directly owns 682,764 shares of the company's stock, valued at $26,593,657.80. The trade was a 48.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,775,525 shares of company stock worth $117,241,446. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

DKNG stock traded down $1.22 during mid-day trading on Friday, hitting $35.83. The company had a trading volume of 1,551,962 shares, compared to its average volume of 9,452,055. 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 market cap of $17.55 billion, a PE ratio of -33.91, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock's fifty day moving average price is $42.09 and its two-hundred day moving average price is $40.33.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, analysts forecast 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.