DraftKings Inc. (NASDAQ:DKNG) Stake Boosted by Federated Hermes Inc.

Federated Hermes Inc. lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 21.2% during the fourth quarter, HoldingsChannel reports. The fund owned 1,853,200 shares of the company’s stock after purchasing an additional 324,700 shares during the quarter. Federated Hermes Inc.’s holdings in DraftKings were worth $68,939,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Pine Valley Investments Ltd Liability Co increased its position in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the last quarter. Claro Advisors LLC increased its holdings in DraftKings by 1.5% in the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after buying an additional 264 shares during the last quarter. Allworth Financial LP raised its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after acquiring an additional 271 shares in the last quarter. Westside Investment Management Inc. lifted its stake in DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after acquiring an additional 288 shares during the last quarter. Finally, Nvwm LLC increased its stake 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 purchasing an additional 312 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. JMP Securities reissued a “market outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Friday, February 14th. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Truist Financial increased their target price on DraftKings from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 18th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Finally, Piper Sandler restated an “overweight” rating and set a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.42.

DraftKings Stock Down 2.3 %

Shares of NASDAQ DKNG opened at $31.67 on Monday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The firm’s 50-day simple moving average is $41.21 and its 200 day simple moving average is $40.17. 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 company has a market cap of $15.83 billion, a price-to-earnings ratio of -29.88, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG) last announced its earnings results 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly 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 filing with the SEC, which is available at this link. Also, insider Matthew Kalish sold 587,585 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at $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. In the last ninety days, insiders have sold 2,775,525 shares of company stock worth $117,241,446. Insiders own 51.19% of the company’s stock.

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.