AQR Capital Management LLC Buys 870,789 Shares of DraftKings Inc. (NASDAQ:DKNG)

AQR Capital Management LLC raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 29.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,877,581 shares of the company’s stock after acquiring an additional 870,789 shares during the period. AQR Capital Management LLC’s holdings in DraftKings were worth $144,905,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of DKNG. Marshall Wace LLP increased its holdings in shares of DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after buying an additional 3,269,932 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after buying an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. bought a new stake in shares of DraftKings in the 4th quarter worth about $87,829,000. Vanguard Group Inc. increased its holdings in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after buying an additional 2,225,759 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of DraftKings by 1,048.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after buying an additional 1,723,819 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on DKNG. Morgan Stanley restated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a report on Wednesday, September 11th. Macquarie restated an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Oppenheimer cut their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. BMO Capital Markets reduced their price objective on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $48.00 price objective (down from $50.00) on shares of DraftKings in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.78.

DraftKings Trading Up 5.0 %

NASDAQ DKNG opened at $41.10 on Thursday. The company has a fifty day simple moving average of $35.41 and a two-hundred day simple moving average of $39.38. The stock has a market cap of $36.11 billion, a P/E ratio of -34.83 and a beta of 1.80. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company posted ($0.17) earnings per share. The firm’s revenue was up 26.2% compared to the same quarter last year. On average, analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold a total of 551,647 shares of company stock valued at $18,811,071 over the last 90 days. Insiders own 51.19% of the company’s stock.

DraftKings 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.