JAT Capital Mgmt LP Makes New $8.50 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

JAT Capital Mgmt LP purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 228,435 shares of the company’s stock, valued at approximately $8,498,000. DraftKings comprises about 1.3% of JAT Capital Mgmt LP’s portfolio, making the stock its 20th largest holding.

Several other large investors have also modified their holdings of DKNG. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings during the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC purchased a new position in DraftKings in the fourth quarter worth $30,000. Synergy Investment Management LLC purchased a new position in DraftKings in the fourth quarter worth $37,000. Westpac Banking Corp purchased a new stake in shares of DraftKings during the fourth quarter valued at $44,000. Finally, YANKCOM Partnership purchased a new stake in shares of DraftKings during the fourth quarter valued at $48,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the sale, the director now directly owns 1,612 shares in the company, valued at $67,704. This trade represents 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, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the sale, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. The trade was a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,628,302 shares of company stock worth $111,145,088 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Susquehanna dropped their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Stifel Nicolaus lowered their price target on DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Mizuho reduced their price objective on DraftKings from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday. Citigroup reduced their price objective on DraftKings from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Finally, Jefferies Financial Group set a $60.00 price objective on DraftKings and gave the stock a “buy” rating in a research report on Sunday, April 13th. Three 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.48.

DraftKings Stock Down 0.2 %

Shares of NASDAQ:DKNG opened at $33.22 on Wednesday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a 50 day moving average of $36.89 and a 200-day moving average of $39.46. 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 stock has a market cap of $29.33 billion, a price-to-earnings ratio of -31.34, a P/E/G ratio of 1.43 and a beta of 2.16.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.