5,740 Shares in DraftKings Inc. (NASDAQ:DKNG) Acquired by Latitude Advisors LLC

Latitude Advisors LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,740 shares of the company’s stock, valued at approximately $202,000.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of DraftKings by 0.3% during the third 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 during the period. Whale Rock Capital Management LLC purchased a new position in DraftKings during the 2nd quarter worth approximately $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 institutional investors.

DraftKings Stock Down 6.1 %

Shares of DraftKings stock opened at $42.21 on Thursday. The firm has a market cap of $36.58 billion, a price-to-earnings ratio of -24.12 and a beta of 1.86. DraftKings Inc. has a one year low of $19.73 and a one year high of $49.57. The stock’s 50-day moving average is $43.86 and its 200 day moving average is $37.81. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.34 and a quick ratio of 1.34.

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

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred 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 directly owns 3,195,812 shares in the company, valued at $130,676,752.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Paul Liberman sold 510,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was 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 directly owns 3,195,812 shares of the company’s stock, valued at $130,676,752.68. The disclosure for this sale can be found here. Insiders have sold a total of 1,596,101 shares of company stock worth $65,685,509 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of a number of research reports. Morgan Stanley raised their price objective on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $55.00 price objective on shares of DraftKings in a research report on Thursday, March 28th. Stifel Nicolaus upgraded shares of DraftKings from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $45.00 in a research report on Friday, January 19th. Moffett Nathanson upped their price target on shares of DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Finally, BNP Paribas cut DraftKings from a “neutral” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $46.93.

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.