DraftKings Inc. (NASDAQ:DKNG) Shares Bought by SVB Wealth LLC

SVB Wealth LLC raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 3.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 121,778 shares of the company’s stock after buying an additional 4,307 shares during the quarter. SVB Wealth LLC’s holdings in DraftKings were worth $4,293,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of DKNG. Vanguard Group Inc. lifted its position in shares of DraftKings by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock valued at $1,090,403,000 after acquiring an additional 109,406 shares in the last quarter. Whale Rock Capital Management LLC acquired a new stake in DraftKings during the 2nd quarter valued at $215,687,000. Jericho Capital Asset Management L.P. lifted its holdings in shares of DraftKings by 39.4% in the third quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock valued at $210,613,000 after purchasing an additional 2,022,000 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of DraftKings by 3.2% in the first quarter. Geode Capital Management LLC now owns 5,962,037 shares of the company’s stock worth $115,425,000 after buying an additional 184,476 shares during the period. Finally, Two Sigma Investments LP purchased a new position in shares of DraftKings during the first quarter valued at $102,351,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $43.06, for a total value of $29,543,509.06. Following the sale, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the completion of the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at $144,309,698.36. The disclosure for this sale can be found here. Insiders sold 1,596,101 shares of company stock worth $65,685,509 in the last 90 days. 48.94% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 20th. UBS Group increased their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Mizuho began coverage on shares of DraftKings in a research report on Tuesday, March 26th. They set a “buy” rating and a $58.00 price objective on the stock. Morgan Stanley upped their price objective on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Finally, Piper Sandler boosted their price target on shares of DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.93.

DraftKings Stock Performance

Shares of DKNG stock opened at $44.94 on Wednesday. The firm has a fifty day moving average of $43.87 and a 200-day moving average of $37.78. DraftKings Inc. has a 52-week low of $19.10 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 1.49, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, February 16th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The business had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. The business’s revenue was up 43.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.53) EPS. On average, equities research analysts forecast that DraftKings Inc. will post -0.25 earnings per share for the current 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.