Clearbridge Investments LLC Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Clearbridge Investments LLC raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 55.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 613,558 shares of the company’s stock after buying an additional 218,304 shares during the quarter. Clearbridge Investments LLC owned about 0.13% of DraftKings worth $22,824,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. CIBC Private Wealth Group LLC raised its stake in shares of DraftKings by 27.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 985,926 shares of the company’s stock worth $37,810,000 after acquiring an additional 210,996 shares in the last quarter. Schroder Investment Management Group purchased a new position in DraftKings in the fourth quarter worth $993,000. Allstate Corp acquired a new position in shares of DraftKings during the fourth quarter worth $478,000. DnB Asset Management AS lifted its holdings in shares of DraftKings by 1.4% during the 4th quarter. DnB Asset Management AS now owns 70,658 shares of the company’s stock valued at $2,628,000 after purchasing an additional 978 shares during the last quarter. Finally, Level Four Advisory Services LLC boosted its position in shares of DraftKings by 15.4% in the 4th quarter. Level Four Advisory Services LLC now owns 8,559 shares of the company’s stock worth $318,000 after purchasing an additional 1,143 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction that occurred 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 directly owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now owns 682,764 shares in the company, valued at $26,593,657.80. The trade was a 48.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock worth $117,241,446 in the last 90 days. Insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on DKNG shares. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Canaccord Genuity Group upped their price objective on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Morgan Stanley lifted their target price on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Needham & Company LLC set a $65.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 price target (up previously from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.42.

DraftKings Stock Down 0.1 %

Shares of DKNG opened at $33.19 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The firm has a market cap of $16.59 billion, a P/E ratio of -31.31, a PEG ratio of 1.43 and a beta of 2.07. The stock’s 50 day moving average is $41.72 and its two-hundred day moving average is $40.29. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly 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 return on equity of 48.13% and a negative net margin of 10.64%. 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.