Anchor Investment Management LLC Increases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Anchor Investment Management LLC lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,422 shares of the company’s stock after buying an additional 1,000 shares during the quarter. Anchor Investment Management LLC’s holdings in DraftKings were worth $369,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Marshall Wace LLP raised its stake 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 acquiring an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. increased its position in shares of 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 in the last quarter. Fred Alger Management LLC lifted its holdings in shares of DraftKings by 46.6% in the 3rd 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 during the last quarter. Blue Whale Capital LLP purchased a new stake in shares of DraftKings in the 2nd quarter valued at about $39,306,000. Finally, AQR Capital Management LLC boosted its position in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $44.00 price target on shares of DraftKings in a research report on Monday, October 7th. Barclays lifted their target price on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Friday, November 8th. BMO Capital Markets reissued an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company upped their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

DraftKings Trading Down 3.8 %

Shares of DKNG stock opened at $39.88 on Friday. The stock has a market cap of $35.12 billion, a P/E ratio of -45.32 and a beta of 1.87. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The business has a fifty day simple moving average of $40.07 and a 200-day simple moving average of $37.94.

DraftKings (NASDAQ:DKNG) last posted its 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 net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, analysts forecast that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock worth $39,668,077 in the last ninety days. 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.