DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 27.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,684 shares of the company’s stock after purchasing an additional 26,164 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in DraftKings were worth $4,766,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in DKNG. Arizona State Retirement System increased its position in shares of DraftKings by 1.5% in the fourth quarter. Arizona State Retirement System now owns 126,891 shares of the company’s stock worth $4,720,000 after acquiring an additional 1,932 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of DraftKings in the fourth quarter worth approximately $2,924,000. M&T Bank Corp increased its position in shares of DraftKings by 1.8% in the fourth quarter. M&T Bank Corp now owns 39,970 shares of the company’s stock worth $1,487,000 after acquiring an additional 710 shares in the last quarter. Atria Investments Inc increased its position in shares of DraftKings by 47.3% in the fourth quarter. Atria Investments Inc now owns 8,062 shares of the company’s stock worth $300,000 after acquiring an additional 2,588 shares in the last quarter. Finally, Assetmark Inc. increased its position in shares of DraftKings by 13.7% in the fourth quarter. Assetmark Inc. now owns 214,449 shares of the company’s stock worth $7,978,000 after acquiring an additional 25,884 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Barclays lifted their target price 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. Benchmark raised their price target on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, February 14th. TD Cowen decreased their price target 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. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a report on Tuesday, February 18th. Finally, Susquehanna decreased their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.44.

DraftKings Price Performance

Shares of DraftKings stock opened at $40.10 on Friday. The firm has a fifty day simple moving average of $42.03 and a 200-day simple moving average of $39.97. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The stock has a market capitalization of $19.65 billion, a price-to-earnings ratio of -37.83, a PEG ratio of 1.43 and a beta of 2.07.

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

Insider Buying and Selling

In related news, insider Paul Liberman sold 532,095 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $38.30, for a total transaction of $20,379,238.50. Following the transaction, the insider now owns 68,654 shares of the company’s stock, valued at approximately $2,629,448.20. The trade was a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the transaction, the insider now directly owns 4,140,509 shares in the company, valued at $168,146,070.49. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,783,488 shares of company stock valued at $118,128,867. 51.19% of the stock is owned by company insiders.

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.