Bwcp LP Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Bwcp LP boosted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 23.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 492,923 shares of the company's stock after purchasing an additional 94,582 shares during the period. DraftKings makes up approximately 3.9% of Bwcp LP's investment portfolio, making the stock its 13th biggest holding. Bwcp LP owned approximately 0.10% of DraftKings worth $18,337,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. grew its position in shares of DraftKings by 14.6% in the 3rd 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. increased its position in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock worth $4,766,000 after purchasing an additional 26,164 shares in the last quarter. Bryn Mawr Capital Management LLC acquired a new stake in shares of DraftKings in the 4th quarter worth $874,000. Highland Capital Management LLC purchased a new position in DraftKings during the 4th quarter worth $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after buying an additional 6,059 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now directly owns 601,520 shares of the company's stock, valued at $19,417,065.60. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. The trade was a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,681,079 shares of company stock valued at $112,941,617 over the last quarter. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on DKNG. Jefferies Financial Group set a $60.00 price target on DraftKings and gave the stock a "buy" rating in a research note on Sunday, April 13th. BTIG Research reduced their price objective on DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Barclays lowered their price target on shares of DraftKings from $60.00 to $50.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Piper Sandler reiterated an "overweight" rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Mizuho dropped their price objective on DraftKings from $62.00 to $59.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Three investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and a consensus price target of $54.48.

DraftKings Stock Down 1.6 %

Shares of DKNG traded down $0.54 during mid-day trading on Tuesday, hitting $33.60. 8,066,296 shares of the company's stock were exchanged, compared to its average volume of 9,681,557. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company has a market cap of $29.66 billion, a price-to-earnings ratio of -31.69, a P/E/G ratio of 1.43 and a beta of 1.89. The stock's 50-day moving average is $36.07 and its 200-day moving average is $39.36. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results 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%. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.