Westfield Capital Management Co. LP Raises Holdings in DraftKings Inc. (NASDAQ:DKNG)

Westfield Capital Management Co. LP boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,698,026 shares of the company’s stock after purchasing an additional 236,427 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.42% of DraftKings worth $144,963,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of DKNG. Mizuho Securities USA LLC acquired a new position in shares of DraftKings during the 3rd quarter worth about $28,028,000. Janney Montgomery Scott LLC boosted its position in shares of DraftKings by 51.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of DraftKings by 238.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after acquiring an additional 350,215 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of DraftKings by 14.6% during the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after acquiring an additional 29,991 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of DraftKings during the 2nd quarter worth about $1,530,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of several analyst reports. Benchmark reaffirmed a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. Susquehanna upped their target price on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Truist Financial reissued a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. JMP Securities upped their target price on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a research report on Friday, November 8th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings Stock Performance

Shares of DKNG stock opened at $43.09 on Friday. The company has a market cap of $37.95 billion, a price-to-earnings ratio of -48.97 and a beta of 1.82. The stock has a 50 day simple moving average of $38.92 and a 200-day simple moving average of $37.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. On average, equities analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 823,687 shares of company stock valued at $33,054,195 in the last ninety days. Corporate insiders own 51.19% 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.