T. Rowe Price Investment Management Inc. Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

T. Rowe Price Investment Management Inc. increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,569,637 shares of the company's stock after buying an additional 707,504 shares during the quarter. T. Rowe Price Investment Management Inc. owned 3.81% of DraftKings worth $690,791,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Claro Advisors LLC grew its stake in shares of DraftKings by 1.5% in the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company's stock worth $673,000 after acquiring an additional 264 shares in the last quarter. Allworth Financial LP grew its position in DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after purchasing an additional 271 shares in the last quarter. Westside Investment Management Inc. increased its stake in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock valued at $1,678,000 after buying an additional 288 shares during the last quarter. Nvwm LLC lifted its position in shares of DraftKings by 1.6% during the 4th quarter. Nvwm LLC now owns 19,343 shares of the company's stock worth $720,000 after buying an additional 312 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of DraftKings by 1.1% in the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company's stock worth $1,113,000 after buying an additional 327 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares of the company's stock, valued at approximately $19,417,065.60. This trade represents a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 666,651 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,628,302 shares of company stock valued at $111,145,088 in the last three months. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of research analyst reports. BTIG Research decreased their price objective on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. TD Cowen lowered their price target 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 increased their price objective on DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Stifel Nicolaus lowered their target price on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, JMP Securities set a $57.00 price target on DraftKings in a research note on Wednesday, April 2nd. Three investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $54.64.

DraftKings Stock Down 2.5 %

DKNG traded down $0.84 on Monday, hitting $32.95. The company had a trading volume of 4,065,243 shares, compared to its average volume of 9,776,324. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock has a fifty day simple moving average of $37.56 and a 200-day simple moving average of $39.54. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a market capitalization of $29.09 billion, a P/E ratio of -31.10, a P/E/G ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.