Ingalls & Snyder LLC Acquires New Holdings in DraftKings Inc. (NASDAQ:DKNG)

Ingalls & Snyder LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 155,337 shares of the company’s stock, valued at approximately $5,779,000.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of DraftKings by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after purchasing an additional 284,131 shares during the last quarter. FMR LLC raised its holdings 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 buying an additional 826,626 shares during the period. Fred Alger Management LLC grew its position in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Westfield Capital Management Co. LP grew its position in DraftKings by 6.8% in 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 acquiring an additional 236,427 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after acquiring an additional 86,336 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Performance

NASDAQ:DKNG opened at $45.44 on Thursday. The stock’s 50-day moving average is $40.31 and its two-hundred day moving average is $38.51. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DKNG. Morgan Stanley raised their price target on shares of DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Barclays raised their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research note on Friday, February 7th. BMO Capital Markets restated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the sale, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This represents a 88.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock worth $38,082,888 over the last three months. Company insiders own 51.19% of the company’s stock.

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.