Massachusetts Financial Services Co. MA Acquires 441,975 Shares of DraftKings Inc. (NASDAQ:DKNG)

Massachusetts Financial Services Co. MA raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 8.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,777,271 shares of the company’s stock after acquiring an additional 441,975 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.66% of DraftKings worth $220,518,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Transcendent Capital Group LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $26,000. LRI Investments LLC bought a new position in shares of DraftKings in the first quarter valued at $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings in the first quarter valued at $33,000. Concord Wealth Partners grew its stake in shares of DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd bought a new position in shares of DraftKings in the second quarter valued at $38,000. 37.70% of the stock is owned by institutional investors.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Insiders sold a total of 1,220,537 shares of company stock valued at $44,784,070 over the last quarter. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Up 1.9 %

DKNG stock opened at $38.95 on Wednesday. The company has a market cap of $33.86 billion, a PE ratio of -33.01 and a beta of 1.80. The business has a 50-day simple moving average of $35.33 and a 200 day simple moving average of $39.51. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. DraftKings’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. Sell-side analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on DKNG. Morgan Stanley reissued an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research note on Wednesday, September 11th. Truist Financial reissued a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research note on Wednesday, August 14th. Berenberg Bank raised shares of DraftKings to a “hold” rating in a research note on Friday, May 31st. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 price target (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Finally, BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target for the company in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.78.

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.