Vanguard Group Inc. Buys 584,452 Shares of DraftKings Inc. (NASDAQ:DKNG)

Vanguard Group Inc. raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.4% in the fourth quarter, HoldingsChannel reports. The fund owned 43,073,314 shares of the company’s stock after acquiring an additional 584,452 shares during the period. Vanguard Group Inc. owned 0.09% of DraftKings worth $1,602,327,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the fourth quarter worth $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $37,000. Delos Wealth Advisors LLC acquired a new position in shares of DraftKings in the third quarter valued at about $43,000. Finally, YANKCOM Partnership bought a new position in DraftKings during the fourth quarter worth about $48,000. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction on Friday, January 10th. The shares were sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. The trade was a 12.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DKNG has been the topic of a number of analyst reports. Barclays increased their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Canaccord Genuity Group increased their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Needham & Company LLC set a $65.00 price objective on DraftKings in a report on Tuesday, February 18th. Wells Fargo & Company increased their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Price Performance

DKNG stock opened at $37.04 on Friday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market cap of $18.15 billion, a price-to-earnings ratio of -34.94, a PEG ratio of 1.43 and a beta of 2.07. The company’s fifty day simple moving average is $42.09 and its 200 day simple moving average is $40.33. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.