Vestor Capital LLC Buys New Position in DraftKings Inc. (NASDAQ:DKNG)

Vestor Capital LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 139,687 shares of the company's stock, valued at approximately $4,924,000.

A number of other hedge funds have also added to or reduced their stakes in DKNG. Charles Schwab Investment Management Inc. grew its holdings in shares of DraftKings by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,891,243 shares of the company's stock valued at $101,916,000 after acquiring an additional 102,454 shares in the last quarter. Peregrine Asset Advisers Inc. acquired a new position in shares of DraftKings in the fourth quarter valued at about $1,820,000. First National Trust Co bought a new position in DraftKings during the fourth quarter worth about $232,000. Vestmark Advisory Solutions Inc. acquired a new stake in DraftKings in the 4th quarter worth about $6,844,000. Finally, Sapient Capital LLC acquired a new position in shares of DraftKings during the 4th quarter worth approximately $692,000. Institutional investors own 37.70% of the company's stock.

DraftKings Trading Down 1.7 %

DKNG stock traded down $0.76 during midday trading on Friday, reaching $43.27. 6,896,807 shares of the company traded hands, compared to its average volume of 11,560,728. The firm has a market capitalization of $37.50 billion, a price-to-earnings ratio of -37.24 and a beta of 1.87. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 52-week low of $22.65 and a 52-week high of $49.57. The business has a 50 day moving average of $43.72 and a 200-day moving average of $39.21.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. DraftKings's quarterly revenue was up 52.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.87) earnings per share. As a group, sell-side analysts expect that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the business's stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 600,000 shares of company stock valued at $24,894,000 over the last 90 days. Corporate insiders own 51.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Bank Of America (Bofa) lifted their price objective on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. Moffett Nathanson raised their price target on shares of DraftKings from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, March 28th. Stifel Nicolaus boosted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock a "buy" rating in a report on Monday. The Goldman Sachs Group began coverage on shares of DraftKings in a research report on Tuesday, April 16th. They set a "buy" rating and a $60.00 target price for the company. Finally, Jefferies Financial Group lifted their target price on DraftKings from $52.00 to $54.00 and gave the company a "buy" rating in a report on Monday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.07.

DraftKings Company 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.

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