ARK Investment Management LLC Has $128.62 Million Stock Position in DraftKings Inc. $DKNG

Key Points

• ARK Investment Management cut its stake in DraftKings by 23.1% in Q3, leaving it with 3,438,916 shares valued at about $128.62 million (roughly 0.69% of the company).
• DraftKings rolled out a “DraftKings Sports & Casino” Super App and is moving into prediction markets, spurring several analyst upgrades/target increases and contributing to recent share strength.
• Corporate insiders have been active—including a 52,777‑share sale by R. Stanton Dodge and a 100,000‑share purchase by director Harry Sloan—and insiders now own 51.19% of the company.

ARK Investment Management LLC cut its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 23.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,438,916 shares of the company's stock after selling 1,031,565 shares during the period. ARK Investment Management LLC owned approximately 0.69% of DraftKings worth $128,615,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Root Financial Partners LLC acquired a new position in DraftKings during the 3rd quarter worth approximately $33,000. Atlantic Union Bankshares Corp bought a new stake in shares of DraftKings in the second quarter worth $45,000. AlphaQuest LLC acquired a new position in DraftKings during the third quarter worth $41,000. Delos Wealth Advisors LLC bought a new position in DraftKings in the second quarter valued at $47,000. Finally, TD Private Client Wealth LLC increased its stake in DraftKings by 45.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company's stock valued at $44,000 after buying an additional 365 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Trending Headlines about DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings rolled out a “DraftKings Sports & Casino” Super App to unify sportsbook, predictions, casino and lottery into one account/wallet — a product change investors view as improving cross‑sell, engagement and lifetime value. Read More.
• Positive Sentiment: Several analysts raised or reaffirmed bullish ratings after the Super App/predictions announcement — notably BMO boosting its target to $50 (outperform) and Citizens JMP keeping a market‑outperform view — which supports upside expectations and likely helped buying interest. Read More.
• Positive Sentiment: WSJ reports DraftKings plans to leverage its sports‑betting tech and product playbook to scale into prediction markets and challenge incumbents — this signals management has a concrete go‑to‑market plan for a new, higher‑growth revenue stream. Read More.
• Neutral Sentiment: Investor Day materials (prepared remarks/slides) were published — useful for updating models on product rollout, revenue mix and margins but not a direct near‑term catalyst by itself. Read More.
• Neutral Sentiment: CEO publicly stated ethical limits (won’t offer bets on geopolitical death/war) — reputationally positive but unlikely to materially affect short‑term revenue. Read More.
• Neutral Sentiment: Short‑interest figures in some feeds appear inconsistent/zeroed out and are likely a reporting artifact — treat current short‑interest snapshots with caution. (Feed item)
• Negative Sentiment: Chief Accounting Officer Erik Bradbury sold 2,883 shares (Form 4), a small insider sale (~$70.8k). It's modest in size but some investors interpret insider selling as a minor negative signal. Read More.

DraftKings Trading Up 4.0%

Shares of DKNG stock opened at $25.43 on Thursday. The stock has a market cap of $12.54 billion, a P/E ratio of -635.75, a price-to-earnings-growth ratio of 1.01 and a beta of 1.67. DraftKings Inc. has a 1 year low of $21.01 and a 1 year high of $48.78. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The stock has a 50 day simple moving average of $29.19 and a 200 day simple moving average of $34.28.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the sale, the insider owned 500,000 shares in the company, valued at $16,005,000. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Harry Sloan acquired 100,000 shares of the business's stock in a transaction that occurred on Tuesday, February 17th. The shares were purchased at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the acquisition, the director owned 350,219 shares in the company, valued at $7,652,285.15. This represents a 39.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have sold 62,928 shares of company stock worth $1,923,728. Corporate insiders own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of analyst reports. Rothschild & Co Redburn set a $35.00 price target on DraftKings in a research note on Friday, January 30th. Northland Securities set a $24.00 target price on shares of DraftKings in a report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft set a $26.00 price target on shares of DraftKings in a research note on Tuesday, February 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of DraftKings in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group set a $46.00 target price on shares of DraftKings in a report on Tuesday. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and an average target price of $37.12.

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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