DraftKings Inc. $DKNG Shares Purchased by Lingotto Investment Management LLP

Lingotto Investment Management LLP raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 23.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,967 shares of the company’s stock after acquiring an additional 30,900 shares during the period. Lingotto Investment Management LLP’s holdings in DraftKings were worth $6,904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in DKNG. Norges Bank acquired a new stake in shares of DraftKings in the 2nd quarter valued at about $362,554,000. AQR Capital Management LLC increased its position in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after buying an additional 4,486,488 shares during the period. Brown Advisory Inc. lifted its stake in DraftKings by 53,272.1% in the second quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company’s stock valued at $173,974,000 after buying an additional 4,048,680 shares during the last quarter. Eminence Capital LP boosted its holdings in shares of DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after acquiring an additional 3,423,909 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of DraftKings in the first quarter valued at approximately $107,739,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on DKNG shares. BMO Capital Markets cut their target price on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. UBS Group restated a “buy” rating on shares of DraftKings in a research note on Tuesday, November 25th. Northland Securities raised shares of DraftKings from an “under perform” rating to a “market perform” rating in a report on Monday, November 10th. Needham & Company LLC reissued a “buy” rating and set a $52.00 price target on shares of DraftKings in a report on Wednesday, November 19th. Finally, JMP Securities reduced their price objective on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.38.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the transaction, the chief financial officer owned 126,990 shares of the company’s stock, valued at $3,711,917.70. This represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry Sloan bought 25,000 shares of DraftKings stock in a transaction on Tuesday, November 11th. The stock was acquired at an average cost of $30.30 per share, with a total value of $757,500.00. Following the acquisition, the director owned 249,712 shares of the company’s stock, valued at $7,566,273.60. This trade represents a 11.13% increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold 166,752 shares of company stock valued at $5,387,153 in the last three months. 51.19% of the stock is owned by corporate insiders.

DraftKings Trading Up 1.9%

Shares of DraftKings stock opened at $35.19 on Friday. The firm has a market cap of $17.52 billion, a price-to-earnings ratio of -61.74, a price-to-earnings-growth ratio of 2.86 and a beta of 1.60. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The company’s 50-day simple moving average is $32.69 and its 200-day simple moving average is $38.91. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business earned ($0.60) EPS. DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share 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.