Vestmark Advisory Solutions Inc. Buys New Stake in DraftKings Inc. (NASDAQ:DKNG)

Vestmark Advisory Solutions Inc. acquired a new position in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 194,164 shares of the company’s stock, valued at approximately $6,844,000.

Several other large investors have also made changes to their positions in DKNG. International Assets Investment Management LLC acquired a new position in shares of DraftKings during the fourth quarter worth approximately $7,975,000. Deutsche Bank AG grew its position in DraftKings by 169.1% in the 3rd quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares during the last quarter. EP Wealth Advisors LLC bought a new position in shares of DraftKings during the 3rd quarter worth about $209,000. Schonfeld Strategic Advisors LLC raised its position in shares of DraftKings by 27.6% during the third quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after buying an additional 64,186 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of DraftKings by 1.1% during the fourth quarter. Arizona State Retirement System now owns 114,767 shares of the company’s stock valued at $4,046,000 after buying an additional 1,237 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on DKNG. Wells Fargo & Company upped their price target on DraftKings from $39.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, February 20th. Stifel Nicolaus upgraded shares of DraftKings from a “hold” rating to a “buy” rating and increased their price objective for the company from $40.00 to $45.00 in a research note on Friday, January 19th. Oppenheimer lifted their target price on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. BNP Paribas cut shares of DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research note on Friday, January 19th. Finally, Benchmark raised their price target on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.45.

DraftKings Trading Down 2.8 %

Shares of DKNG traded down $1.21 during trading hours on Friday, hitting $41.82. 27,186,840 shares of the stock traded hands, compared to its average volume of 9,189,177. The business has a fifty day moving average of $43.58 and a 200-day moving average of $38.78. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. The firm has a market capitalization of $36.24 billion, a PE ratio of -35.44 and a beta of 1.87. DraftKings Inc. has a 1-year low of $21.07 and a 1-year high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 61.75%. The business’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.87) earnings per share. Analysts expect that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares in the company, valued at approximately $130,676,752.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $43.06, for a total value of $29,543,509.06. Following the completion of the sale, the insider now directly owns 200,239 shares in the company, valued at $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the sale, the insider now owns 3,195,812 shares in the company, valued at $130,676,752.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. 51.19% of the stock is currently owned by insiders.

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.