Federated Hermes Inc. Increases Position in DraftKings Inc. (NASDAQ:DKNG)

Federated Hermes Inc. lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 235.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,286,576 shares of the company’s stock after buying an additional 903,575 shares during the quarter. Federated Hermes Inc. owned approximately 0.15% of DraftKings worth $45,352,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. AJ Wealth Strategies LLC purchased a new position in shares of DraftKings in the first quarter valued at about $306,000. MetLife Investment Management LLC purchased a new position in DraftKings in the 1st quarter worth approximately $387,000. Panagora Asset Management Inc. boosted its stake in DraftKings by 49.0% in the 1st quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock worth $584,000 after purchasing an additional 9,866 shares during the period. Cibc World Market Inc. grew its holdings in DraftKings by 26.2% during the 1st quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock valued at $423,000 after buying an additional 4,512 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of DraftKings by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock valued at $963,000 after buying an additional 1,270 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total value of $7,564,000.00. Following the completion of the sale, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider R Stanton Dodge sold 686,101 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $43.06, for a total transaction of $29,543,509.06. Following the transaction, the insider now directly owns 200,239 shares in the company, valued at approximately $8,622,291.34. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $37.82, for a total transaction of $7,564,000.00. Following the transaction, the insider now owns 3,815,698 shares in the company, valued at approximately $144,309,698.36. The disclosure for this sale can be found here. Insiders sold a total of 1,596,101 shares of company stock valued at $65,685,509 in the last ninety days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $40.68 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.49. DraftKings Inc. has a 1-year low of $20.26 and a 1-year high of $49.57. The company has a 50-day moving average of $43.79 and a 200 day moving average of $37.92.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, February 16th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.16). The company had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.24 billion. DraftKings had a negative return on equity of 87.24% and a negative net margin of 21.88%. The business’s revenue was up 43.9% compared to the same quarter last year. During the same period last year, the business posted ($0.53) earnings per share. As a group, research analysts anticipate that DraftKings Inc. will post -0.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on DKNG shares. UBS Group raised their target price on shares of DraftKings from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Piper Sandler raised their price objective on DraftKings from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Wells Fargo & Company boosted their target price on DraftKings from $39.00 to $53.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 20th. Morgan Stanley raised their price target on DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Bank Of America (Bofa) upped their price objective on DraftKings from $45.00 to $50.00 in a report on Thursday, February 15th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

DraftKings Company 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.