DraftKings Inc. (NASDAQ:DKNG) Position Boosted by Xponance Inc.

Xponance Inc. grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,753 shares of the company’s stock after purchasing an additional 3,760 shares during the period. Xponance Inc.’s holdings in DraftKings were worth $3,041,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in DKNG. Geode Capital Management LLC boosted its holdings in shares of DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after buying an additional 284,131 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the fourth quarter worth about $246,765,000. FMR LLC boosted its holdings in shares of DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after buying an additional 826,626 shares during the period. Fred Alger Management LLC boosted its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after buying an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP boosted its holdings in shares of DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after buying an additional 236,427 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Wells Fargo & Company raised their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Cowen reiterated a “buy” rating on shares of DraftKings in a report on Tuesday, February 4th. Stifel Nicolaus increased their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. TD Cowen reduced their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Finally, Susquehanna reduced their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Trading Down 0.3 %

NASDAQ:DKNG opened at $38.44 on Friday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market cap of $18.83 billion, a price-to-earnings ratio of -36.26, a P/E/G ratio of 1.43 and a beta of 2.07. 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’s 50 day moving average is $42.17 and its 200-day moving average is $40.19.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) 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%. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,663,966 shares of company stock worth $112,550,362. Insiders own 51.19% of the company’s stock.

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.