Fmr LLC Has $253.51 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Fmr LLC lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,467,066 shares of the company’s stock after acquiring an additional 826,626 shares during the period. Fmr LLC’s holdings in DraftKings were worth $253,509,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Marshall Wace LLP increased its stake in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. increased its position in DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP bought a new stake in DraftKings in the 2nd quarter valued at about $39,306,000. AQR Capital Management LLC raised its stake in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after buying an additional 870,789 shares during the period. Finally, Mizuho Securities USA LLC bought a new position in DraftKings in the third quarter worth approximately $28,028,000. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG opened at $43.65 on Monday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00. The stock’s fifty day moving average price is $39.36 and its two-hundred day moving average price is $37.86. The firm has a market cap of $38.44 billion, a PE ratio of -49.60 and a beta of 1.82.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, equities research analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 735,246 shares of company stock worth $29,902,158. 51.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Susquehanna upped their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. TD Cowen lifted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Barclays boosted their target price on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Finally, JMP Securities raised their price target on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.04.

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.