Worldquant Millennium Advisors LLC Purchases New Stake in DraftKings Inc. (NASDAQ:DKNG)

Worldquant Millennium Advisors LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 42,581 shares of the company’s stock, valued at approximately $1,584,000.

Other hedge funds have also bought and sold shares of the company. Vestmark Advisory Solutions Inc. grew its position in DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after purchasing an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC purchased a new position in DraftKings during the 4th quarter worth $874,000. Highland Capital Management LLC purchased a new position in DraftKings during the 4th quarter worth $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after acquiring an additional 6,059 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in DraftKings by 30.4% during the 4th quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company’s stock worth $1,925,000 after acquiring an additional 12,074 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the sale, the chief financial officer now owns 171,268 shares in the company, valued at $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,110,323 shares of company stock worth $84,491,145. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DKNG. Truist Financial cut their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Benchmark lifted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Finally, Northland Securities set a $50.00 price objective on shares of DraftKings in a report on Friday, April 25th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $55.04.

DraftKings Trading Down 1.9%

Shares of DraftKings stock opened at $34.87 on Friday. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock’s 50-day simple moving average is $35.08 and its 200 day simple moving average is $39.29. The stock has a market capitalization of $31.01 billion, a P/E ratio of -32.90, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

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.