126,073 Shares in DraftKings Inc. (NASDAQ:DKNG) Bought by Whetstone Capital Advisors LLC

Whetstone Capital Advisors LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 126,073 shares of the company's stock, valued at approximately $4,690,000. DraftKings accounts for approximately 1.5% of Whetstone Capital Advisors LLC's portfolio, making the stock its 21st largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of DraftKings by 1.4% in the 4th 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. FMR LLC lifted its holdings in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Geode Capital Management LLC grew its position in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after purchasing an additional 89,988 shares during the period. Norges Bank acquired a new position in DraftKings during the fourth quarter worth $276,328,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company's stock valued at $252,867,000 after buying an additional 1,036,763 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

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Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares of the company's stock, valued at $67,704. The trade was a 67.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,575,525 shares of company stock worth $109,441,446. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JMP Securities set a $57.00 price target on DraftKings in a research note on Wednesday, April 2nd. Needham & Company LLC reaffirmed a "buy" rating and set a $65.00 target price on shares of DraftKings in a research report on Monday, April 7th. BTIG Research set a $59.00 price target on DraftKings in a research report on Monday, February 3rd. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a "positive" rating on the stock in a research note on Wednesday, January 8th. Finally, Morgan Stanley increased their price target on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $55.27.

DraftKings Price Performance

Shares of NASDAQ DKNG traded down $0.69 during midday trading on Tuesday, hitting $33.54. 11,695,057 shares of the company's stock were exchanged, compared to its average volume of 9,801,130. 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 business's fifty day moving average price is $39.94 and its two-hundred day moving average price is $39.84. The company has a market cap of $16.77 billion, a price-to-earnings ratio of -31.64, a PEG 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.

DraftKings (NASDAQ:DKNG - Get Free Report) last released 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, research analysts forecast 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.