DraftKings Inc. $DKNG Shares Acquired by Bamco Inc. NY

Key Points

• Bamco Inc. NY increased its stake in DraftKings by 11.9% in Q3 to 4,105,968 shares (≈0.82%) worth $153.6M, while other institutions made large moves — Viking Global added a new ~$561.1M position, Norges Bank ~$362.6M, and AQR now owns 11.69M shares (~$437.0M).
• Analyst sentiment is a consensus "Moderate Buy" (25 Buys, 4 Holds, 2 Sells) with an average price target of $37.19, though several firms have recently trimmed targets (e.g., Mizuho to $44, Truist to $33).
• Insiders sold 547,345 shares (~$14.1M) in the last quarter (including recent sales by the CAO and R. Stanton Dodge), yet insiders still own a majority stake — 51.19% of the company.

Bamco Inc. NY lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 11.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,105,968 shares of the company's stock after purchasing an additional 435,508 shares during the period. Bamco Inc. NY owned approximately 0.82% of DraftKings worth $153,563,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Viking Global Investors LP acquired a new stake in DraftKings during the 3rd quarter worth about $561,125,000. Norges Bank acquired a new position in shares of DraftKings in the second quarter worth about $362,554,000. AQR Capital Management LLC boosted its holdings in shares of DraftKings by 63.5% in the third quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company's stock worth $437,044,000 after buying an additional 4,538,007 shares during the period. Brown Advisory Inc. increased its position in shares of DraftKings by 53,272.1% in the second quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company's stock worth $173,974,000 after acquiring an additional 4,048,680 shares in the last quarter. Finally, Columbus Hill Capital Management L.P. increased its position in shares of DraftKings by 1,379.5% in the second quarter. Columbus Hill Capital Management L.P. now owns 1,183,580 shares of the company's stock worth $50,764,000 after acquiring an additional 1,103,580 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on DKNG shares. Mizuho reduced their price target on shares of DraftKings from $46.00 to $44.00 and set an "outperform" rating for the company in a research report on Tuesday, February 17th. Citigroup reiterated a "market outperform" rating on shares of DraftKings in a research report on Tuesday, February 24th. Weiss Ratings reissued a "sell (d-)" rating on shares of DraftKings in a research note on Wednesday, January 21st. Rothschild & Co Redburn set a $35.00 target price on DraftKings in a report on Friday, January 30th. Finally, Truist Financial decreased their target price on DraftKings from $45.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday, February 17th. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $37.19.

DraftKings Stock Performance

Shares of DKNG opened at $25.87 on Friday. The company's 50 day moving average price is $27.88 and its 200 day moving average price is $33.25. DraftKings Inc. has a 52 week low of $21.01 and a 52 week high of $48.78. The company has a market capitalization of $12.75 billion, a PE ratio of -646.75, a PEG ratio of 1.06 and a beta of 1.67. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.

Insider Activity at DraftKings

In related news, CAO Erik Bradbury sold 7,268 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the sale, the chief accounting officer directly owned 36,736 shares in the company, valued at approximately $826,560. This trade represents a 16.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction 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 directly owned 500,000 shares of the company's stock, valued at approximately $16,005,000. The trade was a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 547,345 shares of company stock valued at $14,111,660. Insiders own 51.19% of the company's stock.

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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