Diversified Trust Co Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Diversified Trust Co raised its position in DraftKings Inc. (NASDAQ:DKNG) by 16.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,607 shares of the company’s stock after acquiring an additional 8,802 shares during the quarter. Diversified Trust Co’s holdings in DraftKings were worth $2,292,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP lifted its holdings in DraftKings by 53.3% during 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. Jupiter Asset Management Ltd. lifted its stake 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. Fred Alger Management LLC boosted its holdings in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new position in DraftKings in the second quarter valued at approximately $39,306,000. Finally, AQR Capital Management LLC raised its holdings in DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on DKNG. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Tuesday. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Mizuho boosted their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price target on the stock in a research note on Tuesday, September 10th. Finally, Barclays boosted their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.92.

DraftKings Trading Up 0.3 %

Shares of DKNG opened at $37.36 on Wednesday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The stock has a fifty day moving average of $40.32 and a two-hundred day moving average of $37.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $32.90 billion, a PE ratio of -42.45 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the completion of the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 852,183 shares of company stock worth $33,503,025 in the last three months. Company insiders own 51.19% of the company’s stock.

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.