DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Neuberger Berman Group LLC

Neuberger Berman Group LLC increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,617,674 shares of the company’s stock after acquiring an additional 59,966 shares during the period. Neuberger Berman Group LLC owned approximately 0.54% of DraftKings worth $97,377,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of DKNG. Stonebridge Financial Group LLC bought a new position in shares of DraftKings in the 4th quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in DraftKings in the 4th quarter valued at $30,000. Synergy Investment Management LLC acquired a new position in DraftKings in the fourth quarter worth $37,000. Westpac Banking Corp bought a new stake in shares of DraftKings during the fourth quarter worth $44,000. Finally, YANKCOM Partnership bought a new stake in shares of DraftKings during the fourth quarter worth $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent research reports. Wells Fargo & Company upped their price objective on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. TD Cowen lowered their target price on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Stifel Nicolaus boosted their target price on shares of DraftKings from $48.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, February 18th. Finally, JMP Securities set a $57.00 price target on DraftKings in a research report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.69.

DraftKings Price Performance

NASDAQ DKNG opened at $35.84 on Thursday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year 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 market cap of $17.92 billion, a price-to-earnings ratio of -33.81, a PEG ratio of 1.43 and a beta of 2.16. The stock’s fifty day moving average price is $40.39 and its 200 day moving average price is $39.96.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In related news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the transaction, the insider now directly owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. The trade was a 48.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the completion of the sale, the insider now owns 2,678,613 shares of the company’s stock, valued at $120,537,585. The trade was a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,775,525 shares of company stock valued at $117,241,446 over the last 90 days. Insiders own 47.08% of the company’s stock.

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.