Worldquant Millennium Advisors LLC Invests $1.58 Million in DraftKings Inc. (NASDAQ:DKNG)

Worldquant Millennium Advisors LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 42,581 shares of the company's stock, valued at approximately $1,584,000.

A number of other institutional investors have also modified their holdings of the stock. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the 4th quarter valued at about $25,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new position in DraftKings during the 4th quarter worth $30,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DKNG. Canaccord Genuity Group upped their target price on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. TD Cowen lowered their price objective on DraftKings from $55.00 to $51.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and set a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Finally, Mizuho lowered their price objective on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Two equities research 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.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $55.04.

DraftKings Stock Performance

DraftKings stock traded down $0.39 during trading hours on Wednesday, hitting $35.16. 1,494,337 shares of the stock traded hands, compared to its average volume of 9,836,350. The firm's 50 day moving average price is $34.91 and its 200-day moving average price is $39.23. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a market capitalization of $31.27 billion, a price-to-earnings ratio of -33.17, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer now owns 171,268 shares of the company's stock, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 3,420 shares of DraftKings stock in a transaction that occurred on Thursday, March 6th. The shares were 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 in the company, valued at $67,704. This represents a 67.97% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,285,011 shares of company stock worth $49,481,410. Company insiders own 51.19% of the company's stock.

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.