DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its position in DraftKings Inc. (NASDAQ:DKNG) by 1.1% in the 4th quarter, Holdings Channel reports. The fund owned 8,075,009 shares of the company’s stock after purchasing an additional 89,988 shares during the period. Geode Capital Management LLC’s holdings in DraftKings were worth $299,921,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $28,000. Synergy Asset Management LLC purchased a new position in DraftKings in the 4th quarter valued at about $30,000. Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the fourth quarter valued at about $37,000. Delos Wealth Advisors LLC purchased a new stake in shares of DraftKings during the third quarter worth about $43,000. Finally, YANKCOM Partnership acquired a new position in shares of DraftKings in the fourth quarter worth about $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the business’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 sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the transaction, the insider now directly owns 3,336,195 shares of the company’s stock, valued at approximately $141,521,391.90. The trade was a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,775,525 shares of company stock valued at $117,241,446. Company insiders own 51.19% of the company’s stock.

DraftKings Trading Down 2.3 %

Shares of DKNG stock opened at $31.67 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm has a market capitalization of $15.83 billion, a PE ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The stock has a fifty day moving average of $41.21 and a two-hundred day moving average of $40.16. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

DraftKings (NASDAQ:DKNG) last posted 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%. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DKNG shares. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Stifel Nicolaus lifted their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Benchmark boosted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, Morgan Stanley increased their price target on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.42.

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.