Fayez Sarofim & Co Acquires Shares of 75,500 DraftKings Inc. (NASDAQ:DKNG)

Fayez Sarofim & Co bought a new stake in 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 (SEC). The institutional investor bought 75,500 shares of the company's stock, valued at approximately $2,809,000.

Several other hedge funds and other institutional investors have also modified their holdings of DKNG. Westside Investment Management Inc. grew its position in DraftKings by 26.5% during the third quarter. Westside Investment Management Inc. now owns 44,830 shares of the company's stock valued at $1,757,000 after purchasing an additional 9,385 shares in the last quarter. Anchor Investment Management LLC grew its holdings in shares of DraftKings by 11.9% during the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company's stock valued at $369,000 after acquiring an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of DraftKings during the 3rd quarter valued at $304,000. Oddo BHF Asset Management Sas acquired a new position in shares of DraftKings in the third quarter worth $1,191,000. Finally, Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on DKNG. Benchmark upped their target price on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Susquehanna decreased their target price on shares of DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Canaccord Genuity Group lifted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Cfra Research raised shares of DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Finally, Cowen restated a "buy" rating on shares of DraftKings in a report on Thursday. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.75.

DraftKings Price Performance

Shares of DKNG stock traded down $0.39 during mid-day trading on Friday, reaching $33.79. The company's stock had a trading volume of 10,415,595 shares, compared to its average volume of 9,798,324. The firm's 50-day moving average is $37.56 and its two-hundred day moving average is $39.54. The company has a market cap of $29.84 billion, a P/E ratio of -31.88, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 1-year low of $28.69 and a 1-year 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.

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

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares in the company, valued at approximately $19,417,065.60. The trade was a 8.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at approximately $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,302 shares of company stock valued at $111,145,088 in the last 90 days. 51.19% of the stock is owned by corporate insiders.

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.