DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Clearbridge Investments LLC

Clearbridge Investments LLC grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 55.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 613,558 shares of the company’s stock after acquiring an additional 218,304 shares during the quarter. Clearbridge Investments LLC’s holdings in DraftKings were worth $22,824,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several analysts have recently weighed in on DKNG shares. Needham & Company LLC set a $65.00 price target on shares of DraftKings in a research note on Tuesday, February 18th. Truist Financial increased their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lifted their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Benchmark increased their price target on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, BTIG Research set a $59.00 price objective on DraftKings in a research report on Monday, February 3rd. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.42.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total value of $143,640.00. Following the transaction, the director now directly owns 1,612 shares of the company’s stock, valued at $67,704. This trade represents a 67.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 200,000 shares of DraftKings stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the sale, the insider now owns 1,342,722 shares in the company, valued at $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.1 %

Shares of NASDAQ:DKNG opened at $33.19 on Wednesday. The company has a market cap of $16.59 billion, a PE ratio of -31.31, a P/E/G ratio of 1.43 and a beta of 2.07. The company’s 50 day moving average is $41.72 and its two-hundred day moving average is $40.29. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.