XTX Topco Ltd Takes $3.72 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• XTX Topco Ltd has established a new position in DraftKings Inc., acquiring 111,878 shares worth approximately $3.72 million in the first quarter of the year.
• Despite this new investment, DraftKings stock has recently seen a 1.3% decline, currently trading at $44.28 with a market cap of $39.38 billion.
• Analysts have shown mixed sentiment, with price targets for DraftKings ranging from $51.00 to $64.00, reflecting a consensus rating of "Moderate Buy."

XTX Topco Ltd acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 111,878 shares of the company's stock, valued at approximately $3,715,000.

A number of other hedge funds also recently made changes to their positions in DKNG. Thrivent Financial for Lutherans lifted its holdings in DraftKings by 6.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 8,554 shares of the company's stock worth $318,000 after purchasing an additional 544 shares during the last quarter. American Century Companies Inc. lifted its holdings in DraftKings by 92.7% during the 4th quarter. American Century Companies Inc. now owns 42,322 shares of the company's stock worth $1,574,000 after purchasing an additional 20,365 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in DraftKings by 2.0% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 200,312 shares of the company's stock worth $7,452,000 after purchasing an additional 3,867 shares during the last quarter. Korea Investment CORP increased its stake in DraftKings by 95.6% during the 4th quarter. Korea Investment CORP now owns 307,472 shares of the company's stock worth $11,438,000 after acquiring an additional 150,311 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in DraftKings by 3.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 519,044 shares of the company's stock worth $19,438,000 after acquiring an additional 18,150 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Up 4.9%

DraftKings stock traded up $2.15 during midday trading on Wednesday, reaching $45.75. The stock had a trading volume of 18,776,986 shares, compared to its average volume of 7,425,233. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market capitalization of $40.69 billion, a P/E ratio of -55.12, a PEG ratio of 1.47 and a beta of 1.67. The company has a fifty day moving average price of $40.18 and a two-hundred day moving average price of $39.19. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director directly owned 5,947 shares of the company's stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 589,404 shares of company stock valued at $22,639,746. Company insiders own 51.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on DKNG. Citigroup restated a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Stifel Nicolaus decreased their price target on DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Cfra Research upgraded DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Barclays set a $51.00 price objective on DraftKings and gave the stock an "overweight" rating in a research report on Friday, July 18th. Finally, JMP Securities reduced their price objective on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Thursday, June 5th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.38.

DraftKings Company 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.