DraftKings Inc. $DKNG Stake Lifted by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management increased its DraftKings stake by 14.5% in the fourth quarter, adding 302,616 shares and bringing its total holdings to 2.38 million shares worth about $82.1 million.
• Several other institutional investors also boosted their positions, and overall institutional ownership of DraftKings stands at 37.7%.
• Insiders have been selling shares recently, including large sales by Paul Liberman and Jocelyn Moore, while analysts currently rate DraftKings as Moderate Buy with an average price target of $34.15.

Westfield Capital Management Co. LP increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 14.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,383,054 shares of the company's stock after buying an additional 302,616 shares during the quarter. Westfield Capital Management Co. LP owned about 0.48% of DraftKings worth $82,120,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State of Wyoming grew its stake in DraftKings by 98.9% during the 4th quarter. State of Wyoming now owns 4,626 shares of the company's stock worth $159,000 after buying an additional 2,300 shares during the last quarter. Sivia Capital Partners LLC grew its stake in DraftKings by 87.0% during the 4th quarter. Sivia Capital Partners LLC now owns 32,168 shares of the company's stock worth $1,109,000 after buying an additional 14,966 shares during the last quarter. Transatlantique Private Wealth LLC grew its stake in DraftKings by 1.7% during the 4th quarter. Transatlantique Private Wealth LLC now owns 26,783 shares of the company's stock worth $923,000 after buying an additional 437 shares during the last quarter. CIBC Asset Management Inc grew its stake in DraftKings by 39.1% during the 4th quarter. CIBC Asset Management Inc now owns 20,647 shares of the company's stock worth $711,000 after buying an additional 5,802 shares during the last quarter. Finally, Westpac Banking Corp grew its stake in DraftKings by 70.7% during the 4th quarter. Westpac Banking Corp now owns 48,408 shares of the company's stock worth $1,668,000 after buying an additional 20,048 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 484,417 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the transaction, the insider owned 213,597 shares of the company's stock, valued at $5,374,100.52. This trade represents a 69.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 2,150 shares of the firm's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the transaction, the director directly owned 1,406 shares of the company's stock, valued at $35,993.60. This represents a 60.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 521,663 shares of company stock valued at $13,144,962 over the last 90 days. 47.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of recent research reports. Argus downgraded DraftKings from a "buy" rating to a "hold" rating in a research note on Tuesday, March 17th. Northland Securities set a $27.00 price target on DraftKings in a research note on Monday, May 11th. Guggenheim decreased their price target on DraftKings from $37.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, May 11th. Roth Mkm raised DraftKings from a "sell" rating to a "buy" rating in a research note on Friday, April 24th. Finally, Citigroup reissued a "market outperform" rating on shares of DraftKings in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $34.15.

DraftKings Trading Up 1.2%

NASDAQ:DKNG opened at $25.41 on Friday. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The stock has a market cap of $12.60 billion, a price-to-earnings ratio of 423.42 and a beta of 1.66. The business has a fifty day moving average of $23.73 and a 200-day moving average of $27.63. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the company posted ($0.07) EPS. The company's revenue for the quarter was up 16.8% compared to the same quarter last year. Equities analysts predict that DraftKings Inc. will post 0.6 earnings per share for the current year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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