Vanguard Group Inc. Purchases 584,452 Shares of DraftKings Inc. (NASDAQ:DKNG)

Vanguard Group Inc. increased its position in DraftKings Inc. (NASDAQ:DKNG) by 1.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,073,314 shares of the company’s stock after purchasing an additional 584,452 shares during the quarter. Vanguard Group Inc. owned approximately 8.83% of DraftKings worth $1,602,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after buying an additional 29,991 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its position in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after acquiring an additional 26,164 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of DraftKings by 2.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,480,549 shares of the company’s stock valued at $58,038,000 after purchasing an additional 35,466 shares during the period. Stifel Financial Corp boosted its position in shares of DraftKings by 27.7% in the 3rd 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 last quarter. Finally, FMR LLC grew its stake in shares of DraftKings by 14.7% during the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after purchasing an additional 826,626 shares during the period. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Down 1.7 %

DKNG stock opened at $37.04 on Friday. The company has a market cap of $18.15 billion, a price-to-earnings ratio of -34.94, a P/E/G ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The business has a 50 day moving average price of $42.09 and a two-hundred day moving average price of $40.33. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last issued its 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%. Analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the company’s 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 sale, the director now owns 1,612 shares in the company, valued at $67,704. This represents a 67.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,775,525 shares of company stock worth $117,241,446 in the last ninety days. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. TD Cowen decreased their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Stifel Nicolaus increased their target price on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Barclays boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Needham & Company LLC set a $65.00 price objective on DraftKings in a research note on Tuesday, February 18th. 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, the company has a consensus rating of “Moderate Buy” and an average price target of $54.44.

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.