Geode Capital Management LLC Grows Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Geode Capital Management LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,075,009 shares of the company’s stock after purchasing an additional 89,988 shares during the quarter. Geode Capital Management LLC owned 1.66% of DraftKings worth $299,921,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. Vanguard Group Inc. increased its position in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares during the period. Norges Bank acquired a new position in DraftKings during the fourth quarter worth $276,328,000. Baillie Gifford & Co. purchased a new position in DraftKings in the fourth quarter worth $246,765,000. Charles Schwab Investment Management Inc. lifted its holdings in DraftKings by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company’s stock valued at $120,576,000 after acquiring an additional 66,042 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of DraftKings by 80.5% during the 4th quarter. Alliancebernstein L.P. now owns 2,274,067 shares of the company’s stock worth $84,595,000 after purchasing an additional 1,014,314 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at $120,537,585. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock worth $117,241,446 in the last three months. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on DKNG shares. Wells Fargo & Company raised their price objective on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. 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. JPMorgan Chase & Co. upped their price target on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. BTIG Research set a $59.00 price objective on DraftKings in a report on Monday, February 3rd. Finally, Argus set a $60.00 target price on DraftKings in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $54.42.

DraftKings Stock Performance

Shares of DKNG stock opened at $31.67 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market capitalization 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 Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a 50 day moving average price of $41.21 and a 200 day moving average price of $40.16.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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 return on equity of 48.13% and a negative net margin of 10.64%. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

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.