Jericho Capital Asset Management L.P. Buys 484,794 Shares of DraftKings Inc. (NASDAQ:DKNG)

Jericho Capital Asset Management L.P. increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 10.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,245,494 shares of the company’s stock after buying an additional 484,794 shares during the quarter. DraftKings comprises approximately 2.8% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 14th largest holding. Jericho Capital Asset Management L.P. owned approximately 1.08% of DraftKings worth $195,132,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of DKNG. Westside Investment Management Inc. increased its stake in DraftKings by 26.5% in 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 period. Anchor Investment Management LLC grew its position in shares of DraftKings by 11.9% during the 3rd quarter. Anchor Investment Management LLC now owns 9,422 shares of the company’s stock worth $369,000 after buying an additional 1,000 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in DraftKings in the third quarter worth about $304,000. Oddo BHF Asset Management Sas bought a new stake in shares of DraftKings in the 3rd quarter valued at about $1,191,000. Finally, Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DKNG. Stifel Nicolaus cut their price objective on shares of DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Morgan Stanley boosted their target price on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Barclays dropped their target price on shares of DraftKings from $60.00 to $50.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. boosted their target price on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Finally, JMP Securities set a $57.00 target price on shares of DraftKings in a research report on Wednesday, April 2nd. Three equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.48.

Insider Activity at DraftKings

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

DraftKings Trading Down 1.5 %

DKNG opened at $33.28 on Tuesday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The business has a fifty day simple moving average of $37.21 and a 200-day simple moving average of $39.51. The firm has a market cap of $29.39 billion, a P/E ratio of -31.40, a P/E/G ratio of 1.43 and a beta of 2.16. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

DraftKings (NASDAQ:DKNG) last released 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%. On average, equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.