123,466 Shares in DraftKings Inc. $DKNG Purchased by Entropy Technologies LP

Entropy Technologies LP acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 123,466 shares of the company's stock, valued at approximately $2,669,000.

Other hedge funds also recently bought and sold shares of the company. Viking Global Investors LP purchased a new position in shares of DraftKings during the 3rd quarter worth $561,125,000. Capital World Investors grew its holdings in shares of DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company's stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the period. Janus Henderson Group PLC grew its holdings in shares of DraftKings by 50.8% in the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company's stock valued at $858,893,000 after purchasing an additional 8,524,923 shares during the period. Norges Bank purchased a new stake in shares of DraftKings in the fourth quarter valued at about $284,466,000. Finally, AQR Capital Management LLC increased its position in DraftKings by 41.0% during the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company's stock worth $567,694,000 after purchasing an additional 4,788,337 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on DKNG shares. Stephens started coverage on shares of DraftKings in a research note on Friday, April 24th. They set an "overweight" rating on the stock. Needham & Company LLC reissued a "buy" rating and issued a $35.00 price target on shares of DraftKings in a research note on Monday, May 11th. UBS Group raised their price target on shares of DraftKings from $43.00 to $49.00 and gave the stock a "buy" rating in a report on Friday, June 5th. Guggenheim reaffirmed a "buy" rating and set a $35.00 price target on shares of DraftKings in a research report on Wednesday, June 24th. Finally, Stifel Nicolaus reduced their price target on shares of DraftKings from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.37.

DraftKings Price Performance

Shares of DKNG opened at $23.01 on Monday. The firm has a 50-day simple moving average of $25.66 and a two-hundred day simple moving average of $25.68. The stock has a market cap of $11.42 billion, a PE ratio of 383.50 and a beta of 1.65. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business's revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.07) EPS. As a group, analysts forecast that DraftKings Inc. will post 0.54 EPS for the current year.

Insider Transactions at DraftKings

In related news, Director Woodrow Levin sold 34,234 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the sale, the insider owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock worth $2,756,991 in the last ninety days. 47.18% of the stock is owned by corporate insiders.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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