Massachusetts Financial Services Co. MA Has $279.49 Million Holdings in DraftKings Inc. $DKNG

Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 7,473,099 shares of the company’s stock after purchasing an additional 79,152 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.51% of DraftKings worth $279,494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DKNG. IHT Wealth Management LLC boosted its position in shares of DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after buying an additional 248 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of DraftKings by 7.3% in the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after acquiring an additional 328 shares in the last quarter. Finally, Valeo Financial Advisors LLC raised its holdings in shares of DraftKings by 3.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock valued at $429,000 after purchasing an additional 348 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DKNG shares. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a research report on Friday, January 9th. BMO Capital Markets decreased their price target on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Wall Street Zen lowered DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Northland Capmk upgraded DraftKings from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Twenty-five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.10.

DraftKings Stock Performance

NASDAQ:DKNG opened at $32.62 on Tuesday. The company has a market capitalization of $16.24 billion, a P/E ratio of -57.23, a P/E/G ratio of 0.66 and a beta of 1.63. The business has a fifty day simple moving average of $33.47 and a two-hundred day simple moving average of $38.20. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. DraftKings Inc. has a 1 year low of $26.23 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company posted ($0.60) EPS. The firm’s revenue was up 4.4% compared to the same quarter last year. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Harry Sloan acquired 25,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The stock was acquired at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the purchase, the director owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This represents a 11.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. This represents a 6.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 113,975 shares of company stock worth $3,562,653 over the last three months. Company insiders own 47.08% of the company’s stock.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.