Geode Capital Management LLC Grows Holdings in DraftKings Inc. $DKNG

Geode Capital Management LLC grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,494,860 shares of the company’s stock after buying an additional 192,160 shares during the period. Geode Capital Management LLC’s holdings in DraftKings were worth $326,394,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dagco Inc. purchased a new position in DraftKings in the 4th quarter worth approximately $26,000. Ameriflex Group Inc. grew its stake in DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares in the last quarter. Asset Dedication LLC purchased a new position in DraftKings in the 3rd quarter worth approximately $37,000. AlphaQuest LLC purchased a new position in DraftKings in the 3rd quarter worth approximately $41,000. Finally, Montag A & Associates Inc. grew its stake in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Jefferies Financial Group cut shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, April 24th. Citizens Jmp cut their price target on shares of DraftKings from $38.00 to $34.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 1st. Mizuho upped their price objective on shares of DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Roth Mkm raised shares of DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. Finally, Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.15.

DraftKings Price Performance

Shares of DraftKings stock opened at $26.33 on Tuesday. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The stock has a market capitalization of $13.06 billion, a price-to-earnings ratio of 438.83 and a beta of 1.66. The company has a fifty day moving average of $23.64 and a 200-day moving average of $27.73. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS. Equities research analysts expect that DraftKings Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 2,150 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $55,040.00. Following the completion of the sale, the director owned 1,406 shares of the company’s stock, valued at $35,993.60. This represents a 60.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 484,417 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the sale, the insider directly owned 213,597 shares of the company’s stock, valued at $5,374,100.52. The trade was a 69.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 521,663 shares of company stock valued at $13,144,962 in the last quarter. Company insiders own 47.18% of the company’s stock.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.