Baird Financial Group Inc. Acquires New Position in DraftKings Inc. (NASDAQ:DKNG)

Baird Financial Group Inc. bought a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 11,392 shares of the company's stock, valued at approximately $424,000.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in DraftKings by 1.4% during the fourth 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 last quarter. T. Rowe Price Investment Management Inc. grew its position in DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock valued at $690,791,000 after purchasing an additional 707,504 shares during the last quarter. FMR LLC increased its stake in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock worth $299,921,000 after buying an additional 89,988 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $276,328,000. Institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In related news, 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 in the company, valued at $67,704. This trade represents a 67.97% 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, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the sale, the chief financial officer now owns 171,268 shares of the company's stock, valued at $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,697,908 shares of company stock worth $112,137,019 over the last ninety days. Company insiders own 51.19% of the company's stock.

DraftKings Price Performance

Shares of DKNG stock traded up $0.30 on Monday, reaching $37.20. The company's stock had a trading volume of 7,110,097 shares, compared to its average volume of 9,902,431. The company has a market capitalization of $33.08 billion, a price-to-earnings ratio of -35.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The stock's fifty day simple moving average is $35.25 and its 200-day simple moving average is $39.34. 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.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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%. Analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DKNG. Jefferies Financial Group set a $60.00 target price on DraftKings and gave the company a "buy" rating in a research note on Sunday, April 13th. Guggenheim decreased their target price on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Northland Securities set a $50.00 price target on shares of DraftKings in a report on Friday, April 25th. 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. Finally, Susquehanna lifted their target price on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $55.04.

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.