DraftKings Inc. (NASDAQ:DKNG) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its stake in DraftKings Inc. (NASDAQ:DKNG) by 54.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,090 shares of the company’s stock after selling 15,440 shares during the period. State of Alaska Department of Revenue’s holdings in DraftKings were worth $513,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in DKNG. Marshall Wace LLP lifted its position in shares of DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after acquiring an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. raised its holdings in DraftKings by 1,261.7% during the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after purchasing an additional 1,493,995 shares during the last quarter. Blue Whale Capital LLP purchased a new stake in DraftKings during the second quarter worth $39,306,000. Kodai Capital Management LP acquired a new stake in DraftKings in the first quarter valued at $41,276,000. Finally, AQR Capital Management LLC increased its position in shares of DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $38.98 on Friday. The business has a 50-day moving average of $37.45 and a two-hundred day moving average of $37.94. The firm has a market capitalization of $34.25 billion, a PE ratio of -43.80 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the completion of the transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,020,536 shares of company stock worth $39,966,465. 48.94% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on DKNG. JMP Securities reiterated a “market outperform” rating and issued a $51.00 price objective on shares of DraftKings in a research report on Monday, October 14th. BMO Capital Markets reiterated an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a research report on Wednesday, October 16th. Barclays raised their price objective on shares of DraftKings from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, Bank of America cut their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Company 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.