Westpac Banking Corp Buys Shares of 1,178 DraftKings Inc. (NASDAQ:DKNG)

Westpac Banking Corp purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,178 shares of the company’s stock, valued at approximately $44,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the period. Geode Capital Management LLC grew its position in shares of DraftKings by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after purchasing an additional 89,988 shares in the last quarter. Norges Bank bought a new position in shares of DraftKings in the fourth quarter worth $276,328,000. Massachusetts Financial Services Co. MA raised its position in shares of DraftKings by 18.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock worth $252,867,000 after buying an additional 1,036,763 shares in the last quarter. Finally, Baillie Gifford & Co. bought a new stake in DraftKings during the fourth quarter valued at $246,765,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent analyst reports. Barclays raised their price target on DraftKings from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. BTIG Research set a $59.00 target price on shares of DraftKings in a research note on Monday, February 3rd. Stifel Nicolaus boosted their price target on shares of DraftKings from $48.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $54.42.

DraftKings Price Performance

Shares of DKNG stock opened at $31.67 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The firm has a market cap of $15.83 billion, a P/E ratio of -29.88, a P/E/G ratio of 1.43 and a beta of 2.16. The business’s 50 day moving average price is $41.21 and its 200-day moving average price is $40.16. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now directly owns 3,336,195 shares in the company, valued at $141,521,391.90. This represents a 16.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,775,525 shares of company stock valued at $117,241,446. 51.19% of the stock is currently owned by corporate insiders.

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.