Whale Rock Capital Management LLC Buys 416,881 Shares of DraftKings Inc. (NASDAQ:DKNG)

Whale Rock Capital Management LLC raised its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 4,971,886 shares of the company's stock after buying an additional 416,881 shares during the period. DraftKings comprises approximately 2.2% of Whale Rock Capital Management LLC's holdings, making the stock its 18th largest holding. Whale Rock Capital Management LLC owned about 1.02% of DraftKings worth $184,954,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Tidal Investments LLC increased its position in DraftKings by 14.9% in the fourth quarter. Tidal Investments LLC now owns 20,553 shares of the company's stock worth $765,000 after purchasing an additional 2,660 shares during the period. Think Investments LP acquired a new position in DraftKings in the fourth quarter valued at approximately $16,457,000. Toronto Dominion Bank boosted its stake in DraftKings by 44.6% in the fourth quarter. Toronto Dominion Bank now owns 99,784 shares of the company's stock valued at $3,712,000 after acquiring an additional 30,779 shares during the last quarter. Snowden Capital Advisors LLC grew its holdings in DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after acquiring an additional 296 shares during the period. Finally, Shellback Capital LP raised its position in shares of DraftKings by 140.8% during the 4th quarter. Shellback Capital LP now owns 712,500 shares of the company's stock valued at $26,505,000 after acquiring an additional 416,600 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on DKNG shares. Cowen reiterated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. JPMorgan Chase & Co. lifted their price objective on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Cfra Research raised DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. TD Cowen cut their price target on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Finally, Bank of America reduced their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company's stock. According to MarketBeat, DraftKings has an average rating of "Moderate Buy" and an average target price of $55.04.

DraftKings Trading Up 0.8%

Shares of DraftKings stock opened at $37.20 on Tuesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The business has a fifty day simple moving average of $35.22 and a two-hundred day simple moving average of $39.35. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market capitalization of $33.08 billion, a price-to-earnings ratio of -35.09, a P/E/G ratio of 1.43 and a beta of 1.89.

Insider Activity

In other news, Director Jocelyn Moore sold 3,420 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now owns 1,612 shares in the company, valued at $67,704. The trade was a 67.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 completion of the transaction, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. The trade was a 46.93% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,697,908 shares of company stock valued at $112,137,019 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

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.

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