Vanguard Group Inc. Increases Holdings in DraftKings Inc. (NASDAQ:DKNG)

Vanguard Group Inc. boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 0.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,090,460 shares of the company's stock after purchasing an additional 17,146 shares during the quarter. Vanguard Group Inc. owned approximately 4.88% of DraftKings worth $1,431,034,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Treasurer of the State of North Carolina lifted its position in shares of DraftKings by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 199,102 shares of the company's stock valued at $7,407,000 after acquiring an additional 1,250 shares in the last quarter. Keystone Financial Group lifted its position in shares of DraftKings by 171.9% in the fourth quarter. Keystone Financial Group now owns 32,030 shares of the company's stock valued at $1,192,000 after acquiring an additional 20,249 shares in the last quarter. Mariner LLC lifted its position in shares of DraftKings by 23.6% in the fourth quarter. Mariner LLC now owns 241,269 shares of the company's stock valued at $8,975,000 after acquiring an additional 46,044 shares in the last quarter. Portolan Capital Management LLC lifted its position in shares of DraftKings by 294.0% in the fourth quarter. Portolan Capital Management LLC now owns 320,583 shares of the company's stock valued at $11,926,000 after acquiring an additional 239,219 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its position in shares of DraftKings by 11.3% in the fourth quarter. Guggenheim Capital LLC now owns 13,459 shares of the company's stock valued at $501,000 after acquiring an additional 1,364 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider directly owned 504,381 shares of the company's stock, valued at $19,670,859. The trade was a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company's stock, valued at $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 642,181 shares of company stock valued at $26,615,625. Company insiders own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DKNG. Jefferies Financial Group restated a "buy" rating and issued a $54.00 target price (up previously from $53.00) on shares of DraftKings in a research report on Friday, August 8th. BMO Capital Markets reiterated an "outperform" rating and set a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. BTIG Research reduced their price objective on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Bank of America reduced their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Truist Financial lifted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.

DraftKings Trading Up 0.1%

Shares of NASDAQ DKNG traded up $0.06 during trading on Wednesday, reaching $43.16. The stock had a trading volume of 8,357,477 shares, compared to its average volume of 10,422,905. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The business's 50-day moving average price is $41.84 and its 200-day moving average price is $39.44. The company has a market cap of $38.38 billion, a P/E ratio of -66.40, a PEG ratio of 1.24 and a beta of 1.70.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%. The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same period in the previous year, the firm posted $0.12 earnings per share. The company's revenue was up 36.9% on a year-over-year basis. On average, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

About DraftKings

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.