DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Portolan Capital Management LLC

Portolan Capital Management LLC increased its position in DraftKings Inc. (NASDAQ:DKNG) by 294.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320,583 shares of the company’s stock after acquiring an additional 239,219 shares during the period. Portolan Capital Management LLC owned approximately 0.07% of DraftKings worth $11,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Quantinno Capital Management LP raised its stake in shares of DraftKings by 34.2% in the third quarter. Quantinno Capital Management LP now owns 16,886 shares of the company’s stock worth $662,000 after purchasing an additional 4,302 shares during the last quarter. Orion Portfolio Solutions LLC increased its holdings in DraftKings by 60.2% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,954 shares of the company’s stock worth $429,000 after buying an additional 4,116 shares during the period. Westside Investment Management Inc. raised its position in DraftKings by 26.5% during the 3rd quarter. Westside Investment Management Inc. now owns 44,830 shares of the company’s stock worth $1,757,000 after buying an additional 9,385 shares during the last quarter. Anchor Investment Management LLC boosted its holdings in shares of DraftKings by 11.9% in the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock valued at $369,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of DraftKings in the 3rd quarter valued at $304,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG stock opened at $34.22 on Monday. The business has a 50 day simple moving average of $40.10 and a 200-day simple moving average of $39.88. The firm has a market capitalization of $17.11 billion, a PE ratio of -32.28, a price-to-earnings-growth ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) EPS 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%. Equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. The trade was a 12.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. This represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,575,525 shares of company stock valued at $109,441,446 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on DKNG shares. Barclays raised their target price on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Truist Financial upped their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, February 18th. 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 report on Tuesday, February 18th. Finally, JMP Securities set a $57.00 price target on DraftKings in a report on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.04.

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.