DraftKings Inc. $DKNG Shares Purchased by Eminence Capital LP

Eminence Capital LP raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 34.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,426,755 shares of the company’s stock after acquiring an additional 2,151,892 shares during the quarter. DraftKings comprises approximately 4.6% of Eminence Capital LP’s holdings, making the stock its 6th largest position. Eminence Capital LP’s holdings in DraftKings were worth $290,386,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock worth $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Citigroup Inc. increased its position in DraftKings by 40.6% during the third quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock worth $72,547,000 after acquiring an additional 560,139 shares during the period. Bedell Frazier Investment Counselling LLC bought a new position in DraftKings during the third quarter worth $4,492,000. Waycross Partners LLC bought a new position in DraftKings during the fourth quarter worth $2,584,000. Finally, DAVENPORT & Co LLC increased its position in DraftKings by 11.2% during the fourth quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock worth $119,602,000 after acquiring an additional 348,333 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the business’s 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 sale, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,596 shares of company stock worth $2,756,991 in the last 90 days. 47.18% of the stock is owned by corporate insiders.

DraftKings Trading Down 7.7%

Shares of DraftKings stock opened at $26.32 on Thursday. The firm has a market capitalization of $13.06 billion, a PE ratio of 438.67 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The company’s fifty day moving average price is $24.76 and its two-hundred day moving average price is $27.47. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78.

DraftKings (NASDAQ:DKNG) last issued 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. On average, analysts expect that DraftKings Inc. will post 0.6 EPS for the current year.

Analyst Ratings Changes

DKNG has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Truist Financial dropped their target price on shares of DraftKings from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, April 21st. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a research report on Thursday, May 21st. Stephens initiated coverage on shares of DraftKings in a research report on Friday, April 24th. They set an “overweight” rating on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of DraftKings in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $34.21.

DraftKings Profile

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.