DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Jericho Capital Asset Management L.P.

Jericho Capital Asset Management L.P. increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,245,494 shares of the company's stock after acquiring an additional 484,794 shares during the period. DraftKings makes up approximately 2.8% of Jericho Capital Asset Management L.P.'s portfolio, making the stock its 14th biggest holding. Jericho Capital Asset Management L.P. owned 1.08% of DraftKings worth $195,132,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after buying an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in DraftKings by 4.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock valued at $690,791,000 after acquiring an additional 707,504 shares in the last quarter. FMR LLC lifted its holdings in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Geode Capital Management LLC grew its position in shares of DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after purchasing an additional 89,988 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of DraftKings during the 4th quarter worth approximately $276,328,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Down 0.1 %

Shares of DraftKings stock traded down $0.03 on Thursday, hitting $33.26. 8,301,282 shares of the company's stock traded hands, compared to its average volume of 9,795,233. The stock has a market cap of $29.37 billion, a P/E ratio of -31.38, a PEG ratio of 1.43 and a beta of 2.16. The firm's 50-day moving average is $36.42 and its 200 day moving average is $39.39. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Equities analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares of the company's stock, valued at $7,611,632.70. The trade was a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at $67,704. This trade represents a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,628,302 shares of company stock valued at $111,145,088 over the last three months. 51.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of analyst reports. Morgan Stanley increased their target price on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Susquehanna dropped their price objective on DraftKings from $56.00 to $54.00 and set a "positive" rating for the company in a research report on Wednesday, January 8th. Northland Securities set a $50.00 target price on shares of DraftKings in a report on Friday, April 25th. TD Cowen decreased their target price on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research report on Tuesday, February 4th. Finally, Cowen reaffirmed a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.48.

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.