Bienville Capital Management LLC Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Bienville Capital Management LLC grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 88.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 521,260 shares of the company’s stock after acquiring an additional 245,032 shares during the period. DraftKings accounts for 4.8% of Bienville Capital Management LLC’s holdings, making the stock its 4th biggest holding. Bienville Capital Management LLC owned about 0.11% of DraftKings worth $19,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in DKNG. Stonebridge Financial Group LLC bought a new position in DraftKings in the 4th quarter worth about $28,000. Synergy Asset Management LLC bought a new position in DraftKings in the 4th quarter worth about $30,000. Synergy Investment Management LLC bought a new position in DraftKings in the 4th quarter worth about $37,000. Westpac Banking Corp bought a new position in DraftKings in the 4th quarter worth about $44,000. Finally, YANKCOM Partnership bought a new position in DraftKings in the 4th quarter worth about $48,000. 37.70% of the stock is currently owned by institutional investors.

Insider Activity at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of DraftKings stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the sale, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. The trade was a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,628,302 shares of company stock worth $111,145,088 over the last three months. Company insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.1 %

NASDAQ DKNG opened at $33.26 on Friday. The company has a fifty day simple moving average of $36.42 and a two-hundred day simple moving average of $39.39. The stock has a market cap of $29.37 billion, a P/E ratio of -31.38, a P/E/G ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on DKNG. BTIG Research dropped their target price on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Truist Financial dropped their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Benchmark increased their price objective on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Susquehanna dropped their price objective on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the company a “buy” rating in a research note on Sunday, April 13th. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.48.

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.