Vanguard Group Inc. Has $1.54 Billion Stock Holdings in DraftKings Inc. $DKNG

Key Points

• Vanguard Group boosted its DraftKings stake 3.1% in Q4 to 44,758,204 shares (about 8.99% ownership), valued at roughly $1.54 billion.
• Wall Street's consensus is a Moderate Buy (27 Buys, 8 Holds, 2 Sells) with a consensus target price of $34.84.
• Insiders have sold 496,718 shares worth about $12.48 million in the past three months, while company insiders still own approximately 47.18% of the stock.

Vanguard Group Inc. boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,758,204 shares of the company's stock after purchasing an additional 1,354,457 shares during the period. Vanguard Group Inc. owned 8.99% of DraftKings worth $1,542,368,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Concurrent Investment Advisors LLC boosted its position in DraftKings by 3.7% during the fourth quarter. Concurrent Investment Advisors LLC now owns 22,700 shares of the company's stock valued at $782,000 after purchasing an additional 800 shares during the last quarter. NBC Securities Inc. increased its holdings in DraftKings by 21.7% during the fourth quarter. NBC Securities Inc. now owns 37,225 shares of the company's stock worth $1,283,000 after buying an additional 6,646 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in DraftKings by 43.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 23,644 shares of the company's stock worth $815,000 after buying an additional 7,148 shares during the last quarter. Peregrine Capital Management LLC increased its holdings in DraftKings by 33.3% during the fourth quarter. Peregrine Capital Management LLC now owns 1,275,643 shares of the company's stock worth $43,959,000 after buying an additional 318,645 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in DraftKings by 37.8% during the fourth quarter. HB Wealth Management LLC now owns 19,067 shares of the company's stock worth $657,000 after buying an additional 5,233 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 0.8%

DKNG stock opened at $23.32 on Friday. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. The company's 50-day simple moving average is $23.42 and its 200 day simple moving average is $28.77. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The company has a market capitalization of $11.56 billion, a PE ratio of -583.00, a price-to-earnings-growth ratio of 1.09 and a beta of 1.68.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Mizuho lowered their target price on shares of DraftKings from $46.00 to $44.00 and set an "outperform" rating on the stock in a report on Tuesday, February 17th. Raymond James Financial upgraded shares of DraftKings from a "market perform" rating to an "outperform" rating in a report on Friday, April 24th. Roth Mkm upgraded shares of DraftKings from a "sell" rating to a "buy" rating in a report on Friday, April 24th. Zacks Research downgraded shares of DraftKings from a "hold" rating to a "strong sell" rating in a report on Thursday, February 19th. Finally, Stifel Nicolaus lowered their target price on shares of DraftKings from $44.00 to $40.00 and set a "buy" rating on the stock in a report on Tuesday, February 17th. Twenty-seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.84.

Insider Activity

In related news, CAO Erik Bradbury sold 2,883 shares of the company's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the sale, the chief accounting officer owned 38,168 shares of the company's stock, valued at $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 2,150 shares of the business's stock in a transaction dated Friday, March 13th. The stock was 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 approximately $35,993.60. The trade was a 60.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 496,718 shares of company stock worth $12,477,308. 47.18% of the stock is owned by company insiders.

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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