Fjarde AP Fonden Fourth Swedish National Pension Fund Grows Stock Position in DraftKings Inc. $DKNG

Key Points

• Fjarde AP Fonden increased its DraftKings stake by 43.5% in Q1, ending with 148,250 shares worth about $3.2 million.
• Other institutional investors also boosted or initiated positions, and hedge funds and institutions now own 37.7% of DraftKings shares.
• Insiders have been selling stock recently, including sales by R. Stanton Dodge and Woodrow Levin, while analysts currently rate DraftKings a Moderate Buy with a consensus price target of $34.24.

Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 43.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 148,250 shares of the company's stock after acquiring an additional 44,950 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in DraftKings were worth $3,205,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company's stock worth $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Waycross Partners LLC acquired a new position in DraftKings in the 4th quarter worth approximately $2,584,000. DAVENPORT & Co LLC increased its holdings in DraftKings by 11.2% in the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company's stock worth $119,602,000 after buying an additional 348,333 shares during the period. Stableford Capital II LLC purchased a new position in DraftKings during the 4th quarter worth approximately $2,476,000. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in DraftKings by 11.0% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company's stock worth $150,621,000 after buying an additional 433,963 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the sale, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business's stock in a transaction dated Monday, May 18th. The stock was 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 of the company's stock, valued at $766,672.20. This represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. 47.18% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on DKNG. Argus cut shares of DraftKings from a "buy" rating to a "hold" rating in a research note on Tuesday, March 17th. Northland Securities set a $27.00 target price on shares of DraftKings in a report on Monday, May 11th. Sanford C. Bernstein reiterated an "outperform" rating on shares of DraftKings in a research note on Thursday, June 11th. Roth Mkm raised DraftKings from a "sell" rating to a "buy" rating in a report on Friday, April 24th. Finally, BTIG Research upped their target price on DraftKings from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.24.

DraftKings Trading Up 1.2%

DKNG stock opened at $26.21 on Tuesday. The company's 50-day simple moving average is $25.36 and its 200-day simple moving average is $26.69. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The firm has a market cap of $13.00 billion, a P/E ratio of 199.15 and a beta of 1.65.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. DraftKings's revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.07) EPS. As a group, equities analysts forecast that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

About DraftKings

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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