Virtu Financial LLC Invests $1.39 Million in DraftKings Inc. (NASDAQ:DKNG)

Virtu Financial LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 37,247 shares of the company's stock, valued at approximately $1,386,000.

Several other hedge funds also recently modified their holdings of DKNG. Geode Capital Management LLC grew its stake in shares of DraftKings by 3.7% during the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company's stock worth $312,361,000 after purchasing an additional 284,131 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings during the 4th quarter worth about $246,765,000. FMR LLC increased its stake 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 acquiring an additional 826,626 shares during the last quarter. Fred Alger Management LLC raised its position in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock valued at $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP boosted its stake in DraftKings by 6.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company's stock worth $144,963,000 after acquiring an additional 236,427 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of DKNG traded down $0.64 during midday trading on Thursday, reaching $37.04. The stock had a trading volume of 6,960,042 shares, compared to its average volume of 9,563,896. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a 50 day simple moving average of $42.14 and a 200-day simple moving average of $40.35. The firm has a market cap of $18.15 billion, a PE ratio of -34.94, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

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DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Buying and Selling at DraftKings

In related news, insider Paul Liberman sold 200,000 shares of the business's stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. The trade was a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,131,871 shares of company stock valued at $92,171,123 in the last quarter. 51.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on DKNG. Wells Fargo & Company upped their target price on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. raised their price objective on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. BTIG Research set a $59.00 target price on DraftKings in a report on Monday, February 3rd. Truist Financial increased their price target on DraftKings from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, February 18th. Finally, Stifel Nicolaus lifted their price objective on DraftKings from $48.00 to $57.00 and gave the company a "buy" rating in a report on Tuesday, February 18th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.44.

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.