Sora Investors LLC Has $27.46 Million Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Sora Investors LLC increased its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 1,359.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 738,149 shares of the company's stock after buying an additional 687,564 shares during the quarter. DraftKings comprises about 3.0% of Sora Investors LLC's investment portfolio, making the stock its 7th biggest position. Sora Investors LLC owned 0.15% of DraftKings worth $27,459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DKNG. Spruce House Investment Management LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $11,160,000. Rafferty Asset Management LLC grew its stake in DraftKings by 20.2% during the fourth quarter. Rafferty Asset Management LLC now owns 30,875 shares of the company's stock worth $1,149,000 after buying an additional 5,184 shares during the period. Raiffeisen Bank International AG purchased a new stake in DraftKings during the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings in the fourth quarter worth $28,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of DraftKings in the 4th quarter valued at $355,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Trading Down 0.8%

DraftKings stock traded down $0.29 during midday trading on Wednesday, reaching $35.78. The stock had a trading volume of 5,316,507 shares, compared to its average volume of 9,897,324. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. 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 firm has a market cap of $31.82 billion, a price-to-earnings ratio of -33.79, a PEG ratio of 1.43 and a beta of 1.89. The firm's fifty day simple moving average is $35.20 and its two-hundred day simple moving average is $39.33.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. This represents a 6.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason Robins sold 666,651 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares of the company's stock, valued at $141,521,391.90. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,697,908 shares of company stock worth $112,137,019 over the last 90 days. Corporate insiders own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on DKNG shares. Mizuho lowered their price target on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Wells Fargo & Company raised their target price on DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. Argus set a $60.00 target price on shares of DraftKings in a research report on Tuesday, February 18th. Finally, Benchmark raised their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and a consensus price target 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.