DraftKings Inc. $DKNG Holdings Lifted by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,383,054 shares of the company’s stock after buying an additional 302,616 shares during the period. Westfield Capital Management Co. LP’s holdings in DraftKings were worth $82,120,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of DKNG. Integrated Wealth Concepts LLC boosted its stake in DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after purchasing an additional 40,495 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after purchasing an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of DraftKings during the second quarter valued at $603,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after purchasing an additional 968 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DKNG. UBS Group reaffirmed a “buy” rating and set a $43.00 target price on shares of DraftKings in a report on Wednesday, May 20th. JPMorgan Chase & Co. reduced their target price on DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a report on Thursday, April 16th. Moffett Nathanson downgraded DraftKings from a “buy” rating to a “neutral” rating and reduced their target price for the company from $38.00 to $27.00 in a report on Friday, April 24th. Susquehanna reduced their target price on DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a report on Tuesday, March 31st. Finally, Zacks Research raised DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.15.

DraftKings Stock Up 1.2%

Shares of DraftKings stock opened at $25.41 on Friday. The stock has a 50-day moving average price of $23.73 and a 200 day moving average price of $27.63. The company has a market cap of $12.60 billion, a P/E ratio of 423.42 and a beta of 1.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78.

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

Insider Buying and Selling

In related news, insider Paul Liberman sold 484,417 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 2,150 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director directly owned 1,406 shares of the company’s stock, valued at approximately $35,993.60. This represents a 60.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 521,663 shares of company stock valued at $13,144,962. Corporate 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.