DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,853,200 shares of the company’s stock after buying an additional 324,700 shares during the period. Federated Hermes Inc. owned approximately 0.38% of DraftKings worth $68,939,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of DraftKings in the 4th quarter worth about $276,328,000. Baillie Gifford & Co. purchased a new position in DraftKings in the fourth quarter valued at approximately $246,765,000. Contrarius Group Holdings Ltd acquired a new position in DraftKings during the fourth quarter valued at approximately $58,397,000. Massachusetts Financial Services Co. MA lifted its position in 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 in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of DraftKings by 80.5% in the fourth quarter. Alliancebernstein L.P. now owns 2,274,067 shares of the company’s stock worth $84,595,000 after acquiring an additional 1,014,314 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays upped their price target 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. BTIG Research set a $59.00 price objective on shares of DraftKings in a research report on Monday, February 3rd. JPMorgan Chase & Co. increased their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Needham & Company LLC set a $65.00 price objective on DraftKings in a research note on Tuesday, February 18th. Finally, Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.42.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction that occurred on 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. This trade represents a 48.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,775,525 shares of company stock worth $117,241,446 in the last quarter. 51.19% of the stock is owned by company insiders.

DraftKings Stock Down 2.3 %

DKNG stock opened at $31.67 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a market cap of $15.83 billion, a PE ratio of -29.88, a P/E/G 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 firm has a 50 day simple moving average of $41.21 and a 200 day simple moving average of $40.17.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share 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%. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share 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.