Comerica Bank Buys 45,767 Shares of DraftKings Inc. (NASDAQ:DKNG)

Comerica Bank lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 32.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 185,144 shares of the company's stock after buying an additional 45,767 shares during the quarter. Comerica Bank's holdings in DraftKings were worth $6,887,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after buying an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after buying an additional 707,504 shares in the last quarter. FMR LLC raised its position in shares of 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 acquiring an additional 7,150,382 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 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 acquiring an additional 89,988 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $276,328,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Analysts Set New Price Targets

DKNG has been the subject of several research reports. TD Cowen reduced their price objective on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research report on Tuesday, February 4th. Barclays dropped their target price on DraftKings from $60.00 to $50.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Benchmark upped their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Stifel Nicolaus cut their price target on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company upped their target price on shares of DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and an average price target of $55.18.

DraftKings Stock Up 2.6 %

Shares of NASDAQ DKNG traded up $0.91 during midday trading on Friday, reaching $36.26. 27,230,002 shares of the company's stock were exchanged, compared to its average volume of 9,805,822. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. 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 stock has a market capitalization of $32.02 billion, a PE ratio of -34.21, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The business's fifty day moving average price is $35.58 and its two-hundred day moving average price is $39.27.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.30). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the business posted ($0.30) earnings per share. The business's quarterly revenue was up 19.9% compared to the same quarter last year. Analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In related news, insider Jason Robins sold 200,000 shares of the company's stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the transaction, the insider now directly owns 2,678,613 shares in the company, valued at approximately $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction 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 represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,681,079 shares of company stock worth $112,941,617 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

DraftKings Company 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.