Brooklands Fund Management Ltd Invests $948,000 in DraftKings Inc. $DKNG

Brooklands Fund Management Ltd purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, Holdings Channel.com reports. The fund purchased 27,500 shares of the company’s stock, valued at approximately $948,000. DraftKings accounts for approximately 0.1% of Brooklands Fund Management Ltd’s portfolio, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. Viking Global Investors LP acquired a new stake in DraftKings during the 3rd quarter valued at $561,125,000. Capital World Investors increased its holdings in DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares in the last quarter. Norges Bank acquired a new stake in DraftKings during the 4th quarter valued at $284,466,000. AQR Capital Management LLC increased its holdings in DraftKings by 63.5% during the 3rd quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock valued at $437,044,000 after purchasing an additional 4,538,007 shares in the last quarter. Finally, Capital Research Global Investors increased its holdings in DraftKings by 55.9% during the 4th quarter. Capital Research Global Investors now owns 6,615,721 shares of the company’s stock valued at $227,978,000 after purchasing an additional 2,372,520 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock valued at $2,756,991 over the last three months. Insiders own 47.18% of the company’s stock.

DraftKings Stock Down 0.7%

NASDAQ DKNG opened at $28.79 on Tuesday. The stock has a fifty day moving average of $24.58 and a 200-day moving average of $27.53. The stock has a market capitalization of $14.28 billion, a P/E ratio of 479.83 and a beta of 1.66. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02.

DraftKings (NASDAQ:DKNG) last released its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the business posted ($0.07) earnings per share. On average, equities research analysts forecast that DraftKings Inc. will post 0.6 EPS for the current year.

Analysts Set New Price Targets

DKNG has been the subject of a number of recent analyst reports. TD Cowen reaffirmed a “buy” rating and set a $30.00 price target on shares of DraftKings in a report on Monday, June 8th. Wedbush initiated coverage on DraftKings in a report on Friday, April 24th. They set an “outperform” rating for the company. Berenberg Bank set a $26.40 price target on DraftKings in a report on Tuesday, February 24th. New Street Research set a $29.00 price target on DraftKings in a report on Monday, June 1st. Finally, Guggenheim dropped their price target on DraftKings from $37.00 to $35.00 and set a “buy” rating for the company in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $34.21.

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.