Westside Investment Management Inc. Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Westside Investment Management Inc. boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 0.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 45,118 shares of the company’s stock after acquiring an additional 288 shares during the quarter. Westside Investment Management Inc.’s holdings in DraftKings were worth $1,678,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Marshall Wace LLP boosted its position in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares in the last quarter. Fred Alger Management LLC lifted its stake in shares of DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the last quarter. AQR Capital Management LLC boosted its position in DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares in the last quarter. FMR LLC grew its stake in DraftKings by 14.7% in the third quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the last quarter. Finally, Mizuho Securities USA LLC bought a new position in DraftKings in the third quarter worth about $28,028,000. Institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares of the company’s stock, valued at $52,366,158. This represents a 12.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,052,183 shares of company stock valued at $41,303,025 in the last ninety days. 48.94% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DKNG. BMO Capital Markets restated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Macquarie raised their target price on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their price target on DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. TD Cowen raised their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.08.

DraftKings Trading Down 0.0 %

Shares of NASDAQ:DKNG opened at $41.49 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The business has a 50 day moving average of $40.57 and a two-hundred day moving average of $38.02. The company has a market capitalization of $36.54 billion, a PE ratio of -47.14, a PEG ratio of 2.94 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, analysts forecast that DraftKings Inc. will post -0.9 EPS for the current year.

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.