Westfield Capital Management Co. LP Has $77.81 Million Holdings in DraftKings Inc. $DKNG

Westfield Capital Management Co. LP decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,080,438 shares of the company’s stock after selling 562,887 shares during the quarter. Westfield Capital Management Co. LP owned about 0.42% of DraftKings worth $77,808,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. IHT Wealth Management LLC boosted its stake in DraftKings by 4.1% in the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the last quarter. Geneos Wealth Management Inc. lifted 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 valued at $179,000 after purchasing an additional 328 shares during the period. Valeo Financial Advisors LLC boosted its position in shares of DraftKings by 3.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after purchasing an additional 348 shares during the last quarter. Huntleigh Advisors Inc. grew its stake in shares of DraftKings by 0.8% during the third quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock worth $1,632,000 after purchasing an additional 363 shares during the period. Finally, TD Private Client Wealth LLC increased its holdings in DraftKings by 45.6% in the third quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock valued at $44,000 after purchasing an additional 365 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Erik Bradbury sold 7,268 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the sale, the chief accounting officer directly owned 36,736 shares of the company’s stock, valued at approximately $826,560. The trade was a 16.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harry Sloan bought 100,000 shares of DraftKings stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the purchase, the director owned 350,219 shares in the company, valued at approximately $7,652,285.15. This trade represents a 39.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 112,822 shares of company stock worth $3,638,895 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DKNG. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Citigroup reissued a “market outperform” rating on shares of DraftKings in a research note on Tuesday. BTIG Research decreased their price objective on shares of DraftKings from $37.00 to $35.00 and set a “buy” rating for the company in a report on Thursday. Guggenheim set a $37.00 target price on shares of DraftKings in a research note on Tuesday, February 17th. Finally, Oppenheimer cut their target price on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, February 17th. Twenty-four analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $36.76.

DraftKings Stock Performance

Shares of DKNG opened at $22.94 on Thursday. The firm has a market cap of $11.31 billion, a P/E ratio of -573.50, a PEG ratio of 0.92 and a beta of 1.67. DraftKings Inc. has a twelve month low of $21.01 and a twelve month high of $48.78. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s 50 day moving average price is $30.21 and its two-hundred day moving average price is $34.95.

About DraftKings

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.