Think Investments LP Takes $16.46 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Think Investments LP acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 442,400 shares of the company's stock, valued at approximately $16,457,000. DraftKings accounts for 3.6% of Think Investments LP's investment portfolio, making the stock its 12th largest position. Think Investments LP owned 0.09% of DraftKings as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Beacon Pointe Advisors LLC boosted its holdings in DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after acquiring an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV boosted its holdings in DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after acquiring an additional 217 shares during the last quarter. Allworth Financial LP boosted its holdings in DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after acquiring an additional 271 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in DraftKings by 0.6% in the fourth quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock valued at $1,678,000 after acquiring an additional 288 shares during the last quarter. Finally, Snowden Capital Advisors LLC boosted its holdings in DraftKings by 3.5% in the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after acquiring an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on DKNG shares. Citigroup reduced their price objective on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Needham & Company LLC restated a "buy" rating and set a $65.00 price objective on shares of DraftKings in a research note on Friday, May 9th. Mizuho reduced their price objective on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Argus set a $60.00 price objective on DraftKings in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company boosted their price objective on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and a consensus target price of $55.04.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 3,420 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares of the company's stock, valued at $67,704. The trade was a 67.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares of the company's stock, valued at $7,611,632.70. This trade represents a 46.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,697,908 shares of company stock valued at $112,137,019 over the last three months. 51.19% of the stock is owned by insiders.

DraftKings Stock Down 1.5%

DraftKings stock traded down $0.53 during midday trading on Wednesday, hitting $35.54. The stock had a trading volume of 9,290,603 shares, compared to its average volume of 9,913,100. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a market cap of $31.61 billion, a P/E ratio of -33.53, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The business has a fifty day moving average price of $35.20 and a 200 day moving average price of $39.33.

DraftKings 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.