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

Warm Springs Advisors Inc. bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 50,000 shares of the company's stock, valued at approximately $1,860,000. DraftKings comprises 1.7% of Warm Springs Advisors Inc.'s investment portfolio, making the stock its 18th largest position.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after acquiring an additional 707,504 shares during the last quarter. FMR LLC lifted its position in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC lifted its position in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock worth $299,921,000 after acquiring an additional 89,988 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DKNG has been the subject of several research reports. Morgan Stanley raised their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Piper Sandler restated an "overweight" rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Wells Fargo & Company raised their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Mizuho cut their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Finally, Macquarie lowered their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Two 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, DraftKings currently has a consensus rating of "Moderate Buy" and an average target price of $55.04.

DraftKings Price Performance

Shares of NASDAQ DKNG traded up $0.47 during midday trading on Tuesday, reaching $35.55. 7,059,786 shares of the company were exchanged, compared to its average volume of 9,869,325. The stock's 50-day moving average price is $34.97 and its 200-day moving average price is $39.26. The stock has a market cap of $31.61 billion, a P/E ratio of -33.54, a PEG ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total value of $8,528,100.00. Following the completion of the transaction, the insider now directly owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value 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. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,285,011 shares of company stock valued at $49,481,410. 51.19% of the stock is owned by company 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.