Whale Rock Capital Management LLC Boosts Position in DraftKings Inc. (NASDAQ:DKNG)

Whale Rock Capital Management LLC raised its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,971,886 shares of the company's stock after buying an additional 416,881 shares during the quarter. DraftKings comprises about 2.2% of Whale Rock Capital Management LLC's investment portfolio, making the stock its 18th largest holding. Whale Rock Capital Management LLC owned approximately 1.02% of DraftKings worth $184,954,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DKNG. Beacon Pointe Advisors LLC raised its position in shares of DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after purchasing an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its position in shares of DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after purchasing an additional 217 shares during the last quarter. Allworth Financial LP raised its position in shares of DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after purchasing an additional 271 shares during the last quarter. Westside Investment Management Inc. raised its position in shares of DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company's stock valued at $1,678,000 after purchasing an additional 288 shares during the last quarter. Finally, Snowden Capital Advisors LLC increased its holdings in DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after buying an additional 296 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the sale, the insider now owns 706,620 shares of the company's stock, valued at $26,583,044.40. The trade was a 6.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer now directly owns 171,268 shares in the company, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,110,323 shares of company stock valued at $84,491,145. 51.19% of the stock is owned by company insiders.

DraftKings Price Performance

DraftKings stock traded up $0.21 during trading on Friday, reaching $35.08. The company had a trading volume of 6,501,291 shares, compared to its average volume of 9,880,597. The firm's 50-day simple moving average is $35.04 and its 200 day simple moving average is $39.29. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market capitalization of $31.20 billion, a PE ratio of -33.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on DKNG shares. Northland Securities set a $50.00 price target on shares of DraftKings in a report on Friday, April 25th. Susquehanna increased their price target on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a report on Monday, May 12th. Barclays cut their price target on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Monday, May 12th. TD Securities cut their price target on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, JMP Securities set a $57.00 price target on shares of DraftKings in a report on Wednesday, April 2nd. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. According to data from MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average target price of $55.04.

About DraftKings

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.