DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,769 shares of the company’s stock after purchasing an additional 11,894 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in DraftKings were worth $5,609,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in shares of DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after acquiring an additional 284,131 shares during the period. Baillie Gifford & Co. acquired a new stake in shares of DraftKings in the 4th quarter worth $246,765,000. FMR LLC lifted its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares during the period. Fred Alger Management LLC lifted its stake in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. Finally, Westfield Capital Management Co. LP lifted its stake in shares of DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after acquiring an additional 236,427 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the subject of a number of research analyst reports. Susquehanna cut their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. increased their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. BTIG Research set a $59.00 price target on shares of DraftKings in a report on Monday, February 3rd. Morgan Stanley increased their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, Canaccord Genuity Group increased their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $54.44.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $36.91 on Wednesday. The company has a market cap of $18.08 billion, a PE ratio of -34.82, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company has a 50-day simple moving average of $42.16 and a 200-day simple moving average of $40.21.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (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%. On average, equities analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the transaction, the insider now directly owns 653,843 shares in the company, valued at approximately $25,499,877. This trade represents a 7.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,663,966 shares of company stock valued at $112,550,362. Insiders own 51.19% of the company’s stock.

DraftKings Company 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.