Warm Springs Advisors Inc. Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Warm Springs Advisors Inc. acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 50,000 shares of the company's stock, valued at approximately $1,860,000. DraftKings accounts for 1.7% of Warm Springs Advisors Inc.'s portfolio, making the stock its 18th largest position.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vestmark Advisory Solutions Inc. raised its position in shares of DraftKings by 27.7% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after buying an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC acquired a new stake in DraftKings in the 4th quarter valued at about $874,000. Highland Capital Management LLC purchased a new position in DraftKings in the 4th quarter worth approximately $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock worth $1,467,000 after purchasing an additional 6,059 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of DraftKings by 30.4% during the 4th quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company's stock worth $1,925,000 after purchasing an additional 12,074 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Up 2.2%

Shares of DKNG stock traded up $0.78 during trading on Thursday, reaching $35.80. The company's stock had a trading volume of 6,266,852 shares, compared to its average volume of 9,710,311. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The stock's 50-day moving average price is $34.82 and its 200 day moving average price is $39.20. The company has a market capitalization of $31.84 billion, a price-to-earnings ratio of -33.71, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler reiterated an "overweight" rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Susquehanna boosted their price target on shares of DraftKings from $42.00 to $52.00 and gave the company a "positive" rating in a research report on Monday, May 12th. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Finally, Truist Financial reduced their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $55.04.

Insiders Place Their Bets

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the transaction, the chief financial officer now directly owns 171,268 shares of the company's stock, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the transaction, the insider now owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. This represents a 4.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,285,011 shares of company stock worth $49,481,410 over the last 90 days. Corporate insiders own 51.19% of the company's stock.

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.