Neuberger Berman Group LLC Acquires 59,966 Shares of DraftKings Inc. (NASDAQ:DKNG)

Neuberger Berman Group LLC increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 2.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,617,674 shares of the company’s stock after buying an additional 59,966 shares during the period. Neuberger Berman Group LLC’s holdings in DraftKings were worth $97,377,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after buying an additional 584,452 shares during the last quarter. FMR LLC boosted its position in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Geode Capital Management LLC boosted its holdings in DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after acquiring an additional 89,988 shares in the last quarter. Norges Bank bought a new position in shares of DraftKings during the fourth quarter valued at $276,328,000. Finally, Massachusetts Financial Services Co. MA increased its position in DraftKings by 18.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,797,507 shares of the company’s stock valued at $252,867,000 after acquiring an additional 1,036,763 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of DKNG opened at $35.84 on Thursday. The company has a market capitalization of $17.92 billion, a P/E ratio of -33.81, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a 50 day moving average of $40.39 and a 200 day moving average of $39.96. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate 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 anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and set a $60.00 target price (up previously from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. Truist Financial raised their price objective on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Morgan Stanley lifted their price target on DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Wells Fargo & Company lifted their price target on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Finally, Benchmark upped their price objective on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.69.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the company’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 value of $25,070,323.30. Following the completion of the sale, the insider now owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. This represents a 48.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 666,651 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,775,525 shares of company stock worth $117,241,446 in the last three months. Insiders own 47.08% 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.