Northern Trust Corp Buys 272,290 Shares of DraftKings Inc. (NASDAQ:DKNG)

Northern Trust Corp boosted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 11.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,606,308 shares of the company's stock after purchasing an additional 272,290 shares during the quarter. Northern Trust Corp owned about 0.53% of DraftKings worth $96,955,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in DraftKings in the 3rd quarter valued at $304,000. Principal Financial Group Inc. raised its stake in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares in the last quarter. Diversified Trust Co grew its holdings in shares of DraftKings by 16.7% in the fourth quarter. Diversified Trust Co now owns 61,607 shares of the company's stock worth $2,292,000 after purchasing an additional 8,802 shares during the last quarter. Grassi Investment Management lifted its holdings in DraftKings by 16.4% during the fourth quarter. Grassi Investment Management now owns 29,500 shares of the company's stock worth $1,097,000 after buying an additional 4,150 shares during the period. Finally, Claro Advisors LLC raised its position in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock valued at $673,000 after purchasing an additional 264 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Ratings Changes

DKNG has been the topic of several recent analyst reports. TD Cowen decreased their price objective on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Wells Fargo & Company upped their price target 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. Truist Financial lowered their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Northland Securities set a $50.00 target price on DraftKings in a report on Friday, April 25th. Finally, Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Three 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, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.48.

DraftKings Stock Performance

DKNG traded down $0.54 during trading on Tuesday, reaching $33.60. 8,243,557 shares of the company's stock were exchanged, compared to its average volume of 9,662,503. The company has a market capitalization of $29.66 billion, a P/E ratio of -31.69, a PEG ratio of 1.43 and a beta of 1.89. The business has a 50 day moving average price of $36.07 and a 200 day moving average price of $39.36. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week 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.

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

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now directly owns 601,520 shares of the company's stock, valued at $19,417,065.60. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,681,079 shares of company stock worth $112,941,617. 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.