Fred Alger Management LLC Acquires 1,476,003 Shares of DraftKings Inc. (NASDAQ:DKNG)

Fred Alger Management LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 46.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,643,852 shares of the company’s stock after acquiring an additional 1,476,003 shares during the period. DraftKings makes up about 0.9% of Fred Alger Management LLC’s holdings, making the stock its 21st largest holding. Fred Alger Management LLC’s holdings in DraftKings were worth $182,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of DKNG. Janus Henderson Group PLC lifted its position in shares of DraftKings by 93.9% in the first quarter. Janus Henderson Group PLC now owns 26,606 shares of the company’s stock worth $1,208,000 after buying an additional 12,888 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of DraftKings by 52.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 25,228 shares of the company’s stock worth $1,146,000 after acquiring an additional 8,692 shares in the last quarter. Comerica Bank raised its holdings in shares of DraftKings by 19.3% during the 1st quarter. Comerica Bank now owns 124,397 shares of the company’s stock worth $5,649,000 after acquiring an additional 20,164 shares in the last quarter. LRI Investments LLC bought a new position in shares of DraftKings during the 1st quarter valued at approximately $33,000. Finally, Invst LLC purchased a new position in shares of DraftKings in the first quarter valued at $207,000. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % 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. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 735,246 shares of company stock valued at $29,902,158. Insiders own 51.19% of the company’s stock.

DraftKings Trading Down 0.1 %

DraftKings stock opened at $43.03 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The business has a fifty day moving average price of $39.27 and a 200-day moving average price of $37.96. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Mizuho increased their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Oppenheimer lowered their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, August 5th. TD Cowen boosted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Friday, November 8th. Finally, Susquehanna boosted their target price on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $51.04.

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.