Eminence Capital LP Acquires Shares of 1,754,174 DraftKings Inc. (NASDAQ:DKNG)

Eminence Capital LP bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,754,174 shares of the company's stock, valued at approximately $65,255,000. Eminence Capital LP owned about 0.36% of DraftKings as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the fourth quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $30,000. Synergy Investment Management LLC bought a new stake in DraftKings in the 4th quarter valued at $37,000. Westpac Banking Corp acquired a new position in DraftKings in the 4th quarter valued at $44,000. Finally, YANKCOM Partnership bought a new position in DraftKings during the 4th quarter worth $48,000. Institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

DraftKings stock opened at $33.60 on Wednesday. The firm has a market cap of $29.66 billion, a P/E 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 $35.89 and its 200 day moving average is $39.32. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data 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%. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on DKNG. Jefferies Financial Group set a $60.00 price target on shares of DraftKings and gave the company a "buy" rating in a research note on Sunday, April 13th. Northland Securities set a $50.00 target price on shares of DraftKings in a report on Friday, April 25th. BMO Capital Markets reiterated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a research note on Thursday, April 24th. Canaccord Genuity Group raised their price objective on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, JPMorgan Chase & Co. lifted their price objective on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $55.18.

Insider Transactions at DraftKings

In related news, insider Matthew Kalish sold 587,585 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred 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 owns 1,612 shares of the company's stock, valued at approximately $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,681,079 shares of company stock valued at $112,941,617. Corporate insiders own 51.19% of the company's stock.

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.

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