Massachusetts Financial Services Co. MA Raises Stake in DraftKings Inc. $DKNG

Massachusetts Financial Services Co. MA boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,393,947 shares of the company’s stock after purchasing an additional 295,306 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.83% of DraftKings worth $317,126,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. TD Private Client Wealth LLC boosted its position in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the period. Bank of Jackson Hole Trust bought a new stake in DraftKings during the 1st quarter worth approximately $31,000. Summit Securities Group LLC lifted its stake in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in DraftKings in the 2nd quarter valued at $45,000. Finally, Ameritas Advisory Services LLC bought a new position in DraftKings in the 2nd quarter valued at $48,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Benchmark lowered their price target on DraftKings from $43.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, November 7th. JMP Securities dropped their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Finally, UBS Group decreased their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Twenty-six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.38.

Insider Buying and Selling

In other DraftKings news, Director Harry Sloan purchased 25,000 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was acquired at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the transaction, the director directly owned 249,712 shares in the company, valued at approximately $7,566,273.60. This represents a 11.13% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 8,421 shares of DraftKings stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the transaction, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. This represents a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 340,612 shares of company stock worth $14,115,817 in the last ninety days. 51.19% of the stock is currently owned by insiders.

DraftKings Price Performance

Shares of DraftKings stock opened at $29.58 on Friday. The firm has a market capitalization of $14.72 billion, a PE ratio of -51.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The business’s 50-day moving average price is $36.16 and its 200-day moving average price is $39.33.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned ($0.60) EPS. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. Sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.