Wolf Hill Capital Management LP Invests $38.81 Million in DraftKings Inc. (NASDAQ:DKNG)

Wolf Hill Capital Management LP acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,043,198 shares of the company's stock, valued at approximately $38,807,000. DraftKings accounts for 2.8% of Wolf Hill Capital Management LP's holdings, making the stock its 14th largest holding. Wolf Hill Capital Management LP owned 0.21% of DraftKings at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DKNG. Westside Investment Management Inc. lifted its holdings in DraftKings by 26.5% in the third quarter. Westside Investment Management Inc. now owns 44,830 shares of the company's stock worth $1,757,000 after buying an additional 9,385 shares during the period. Anchor Investment Management LLC lifted its holdings in shares of DraftKings by 11.9% during the third quarter. Anchor Investment Management LLC now owns 9,422 shares of the company's stock valued at $369,000 after purchasing an additional 1,000 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of DraftKings during the third quarter valued at approximately $304,000. Oddo BHF Asset Management Sas purchased a new position in shares of DraftKings during the third quarter valued at approximately $1,191,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Piper Sandler reiterated an "overweight" rating and set a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. Needham & Company LLC reiterated a "buy" rating and set a $65.00 target price on shares of DraftKings in a report on Monday, April 7th. Morgan Stanley boosted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. BMO Capital Markets restated an "outperform" rating and issued a $65.00 price objective on shares of DraftKings in a report on Thursday. Finally, Canaccord Genuity Group boosted their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company's stock. According to MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and a consensus price target of $54.75.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.39 during midday trading on Friday, hitting $33.79. The company had a trading volume of 10,415,595 shares, compared to its average volume of 9,798,324. 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 company has a market cap of $29.84 billion, a price-to-earnings ratio of -31.88, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a fifty day moving average of $37.56 and a two-hundred day moving average of $39.54.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm'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 transaction, the chief financial officer now owns 179,435 shares of the company's stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,628,302 shares of company stock worth $111,145,088. Corporate insiders own 51.19% of the company's stock.

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.