514,088 Shares in DraftKings Inc. (NASDAQ:DKNG) Purchased by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 514,088 shares of the company’s stock, valued at approximately $18,122,000. Los Angeles Capital Management LLC owned 0.06% of DraftKings as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in DKNG. Vanguard Group Inc. grew its stake in DraftKings by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock worth $1,090,403,000 after buying an additional 109,406 shares during the last quarter. Jericho Capital Asset Management L.P. boosted its stake in DraftKings by 39.4% during the 3rd 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 during the period. Ameriprise Financial Inc. grew its position in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after purchasing an additional 3,444,107 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of DraftKings in the third quarter valued at approximately $107,276,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of DraftKings during the third quarter valued at approximately $91,790,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several analyst reports. JMP Securities restated a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research report on Monday, March 25th. Mizuho started coverage on shares of DraftKings in a research note on Tuesday, March 26th. They set a “buy” rating and a $58.00 price objective on the stock. Bank Of America (Bofa) raised their target price on shares of DraftKings from $45.00 to $50.00 in a research note on Thursday, February 15th. BMO Capital Markets upped their price target on shares of DraftKings from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group assumed coverage on shares of DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.45.

DraftKings Price Performance

Shares of DKNG stock traded down $1.21 during trading hours on Friday, reaching $41.82. 27,186,840 shares of the company were exchanged, compared to its average volume of 9,189,177. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market cap of $36.24 billion, a price-to-earnings ratio of -35.44 and a beta of 1.87. The stock’s fifty day moving average is $43.58 and its two-hundred day moving average is $38.78. DraftKings Inc. has a fifty-two week low of $21.07 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 61.75% and a negative net margin of 13.45%. The company’s revenue was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.87) EPS. Sell-side analysts forecast that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Activity

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the sale, the insider now owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other DraftKings news, insider R Stanton Dodge sold 686,101 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 200,239 shares of the company’s stock, valued at $8,622,291.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $40.89, for a total transaction of $8,178,000.00. Following the completion of the transaction, the insider now directly owns 3,195,812 shares of the company’s stock, valued at approximately $130,676,752.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,086,101 shares of company stock valued at $45,903,509. 51.19% of the stock is currently owned by insiders.

About DraftKings

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.