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

Federated Hermes Inc. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 235.9% in the 4th quarter, HoldingsChannel reports. The fund owned 1,286,576 shares of the company’s stock after buying an additional 903,575 shares during the quarter. Federated Hermes Inc.’s holdings in DraftKings were worth $45,352,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DKNG. Roman Butler Fullerton & Co. boosted its holdings in DraftKings by 35.3% in the fourth quarter. Roman Butler Fullerton & Co. now owns 16,879 shares of the company’s stock valued at $650,000 after purchasing an additional 4,402 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of DraftKings in the 4th quarter valued at $164,000. Latitude Advisors LLC purchased a new position in shares of DraftKings in the 4th quarter valued at $202,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in DraftKings by 35.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,845 shares of the company’s stock worth $2,568,000 after acquiring an additional 19,153 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. purchased a new stake in DraftKings in the fourth quarter valued at $279,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $40.00, for a total value of $20,400,000.00. Following the sale, the insider now owns 2,291,406 shares of the company’s stock, valued at $91,656,240. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 3,815,698 shares of the company’s stock, valued at approximately $144,309,698.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 510,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $40.00, for a total value of $20,400,000.00. Following the completion of the sale, the insider now directly owns 2,291,406 shares in the company, valued at approximately $91,656,240. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,596,101 shares of company stock valued at $65,685,509. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Mizuho initiated coverage on DraftKings in a report on Tuesday, March 26th. They set a “buy” rating and a $58.00 price objective on the stock. BMO Capital Markets increased their price objective on DraftKings from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, February 16th. Stifel Nicolaus raised shares of DraftKings from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $45.00 in a report on Friday, January 19th. UBS Group increased their price target on shares of DraftKings from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Finally, Oppenheimer lifted their price objective on shares of DraftKings from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.00.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $40.68 on Friday. DraftKings Inc. has a 52 week low of $20.26 and a 52 week high of $49.57. The firm has a 50-day moving average price of $43.79 and a 200 day moving average price of $37.92. 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 (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, February 16th. The company reported ($0.10) earnings per share (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 analyst estimates of $1.24 billion. DraftKings had a negative net margin of 21.88% and a negative return on equity of 87.24%. DraftKings’s revenue was up 43.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) earnings per share. Research analysts predict that DraftKings Inc. will post -0.25 EPS for the current year.

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.