NBW Capital LLC Acquires 10,451 Shares of DraftKings Inc. (NASDAQ:DKNG)

NBW Capital LLC raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 10.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 115,168 shares of the company’s stock after acquiring an additional 10,451 shares during the period. NBW Capital LLC’s holdings in DraftKings were worth $4,284,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Geode Capital Management LLC grew its position in DraftKings by 3.7% in the third quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock valued at $312,361,000 after acquiring an additional 284,131 shares during the last quarter. Baillie Gifford & Co. acquired a new stake in shares of DraftKings during the fourth quarter valued at about $246,765,000. FMR LLC boosted its stake in shares of DraftKings by 14.7% during 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 in the last quarter. Fred Alger Management LLC boosted its stake in shares of DraftKings by 46.6% during the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in shares of DraftKings by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock valued at $144,963,000 after purchasing an additional 236,427 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,573,488 shares of company stock worth $109,600,767 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Cowen reissued a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Benchmark lifted their price target on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, February 14th. TD Cowen cut their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Stifel Nicolaus lifted their price objective on DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Finally, Susquehanna cut their price objective on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.44.

DraftKings Trading Down 5.2 %

NASDAQ DKNG opened at $41.59 on Tuesday. The company has a market cap of $20.38 billion, a price-to-earnings ratio of -39.24, a P/E/G ratio of 1.43 and a beta of 1.93. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The business has a 50 day moving average price of $41.85 and a 200-day moving average price of $39.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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 net margin of 10.64% and a negative return on equity of 48.13%. As a group, equities analysts expect 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.