Stifel Financial Corp Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Stifel Financial Corp lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,628 shares of the company’s stock after buying an additional 42,431 shares during the quarter. Stifel Financial Corp’s holdings in DraftKings were worth $7,669,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Marshall Wace LLP raised its position in DraftKings by 53.3% during the second 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 during the period. Jupiter Asset Management Ltd. raised its position in shares of DraftKings by 1,261.7% during the 2nd 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 lifted its stake in 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 buying an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP acquired a new stake in DraftKings in the 2nd quarter worth about $39,306,000. Finally, AQR Capital Management LLC increased its stake in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $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 Down 0.4 %

NASDAQ:DKNG opened at $41.47 on Friday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The stock’s fifty day moving average is $40.06 and its two-hundred day moving average is $37.95. The stock has a market capitalization of $36.52 billion, a price-to-earnings ratio of -47.13 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 (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Research analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research analyst reports. BNP Paribas raised 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. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Monday, October 7th. JMP Securities increased their target price on shares of DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. UBS Group boosted their price target on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Macquarie raised their target price on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.04.

Insider Activity at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Friday, October 25th. The stock was 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 approximately $70,034,016.03. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 963,742 shares of company stock worth $39,668,077. Corporate insiders own 51.19% of the company’s stock.

About DraftKings

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.