Contour Asset Management LLC Buys New Shares in DraftKings Inc. (NASDAQ:DKNG)

Contour Asset Management LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,090,726 shares of the company's stock, valued at approximately $40,575,000. DraftKings accounts for about 1.2% of Contour Asset Management LLC's holdings, making the stock its 22nd biggest position. Contour Asset Management LLC owned about 0.22% of DraftKings as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. CoreCap Advisors LLC increased its stake in DraftKings by 34.8% in the fourth quarter. CoreCap Advisors LLC now owns 2,433 shares of the company's stock valued at $91,000 after purchasing an additional 628 shares in the last quarter. Baird Financial Group Inc. bought a new stake in DraftKings in the 4th quarter valued at about $424,000. Bamco Inc. NY raised its stake in DraftKings by 4.4% during the 4th quarter. Bamco Inc. NY now owns 2,499,356 shares of the company's stock worth $92,976,000 after buying an additional 106,391 shares during the period. Algert Global LLC boosted its holdings in DraftKings by 14.4% in the fourth quarter. Algert Global LLC now owns 10,798 shares of the company's stock worth $402,000 after acquiring an additional 1,359 shares in the last quarter. Finally, 1248 Management LLC acquired a new stake in DraftKings in the fourth quarter valued at approximately $591,000. Institutional investors own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DKNG. Guggenheim reduced their price target on shares of DraftKings from $62.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. BTIG Research dropped their price target on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. JMP Securities set a $57.00 price target on DraftKings in a research note on Wednesday, April 2nd. Finally, Morgan Stanley raised their target price on DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.18.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the firm's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the sale, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 587,585 shares of the company's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares of the company's stock, valued at $193,795,515.35. This trade represents a 12.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,681,079 shares of company stock valued at $112,941,617 over the last three months. 51.19% of the stock is owned by corporate insiders.

DraftKings Price Performance

NASDAQ:DKNG traded up $0.91 during trading hours on Friday, hitting $36.26. The stock had a trading volume of 27,367,496 shares, compared to its average volume of 9,821,516. The firm has a market capitalization of $32.02 billion, a price-to-earnings ratio of -34.21, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a 50 day simple moving average of $35.48 and a two-hundred day simple moving average of $39.26. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.30). The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.54 billion. DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. DraftKings's revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.30) earnings per share. Research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.