Graham Capital Management L.P. Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Graham Capital Management L.P. purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 19,784 shares of the company’s stock, valued at approximately $736,000.

Several other large investors also recently added to or reduced their stakes in the company. Beacon Pointe Advisors LLC raised its stake in shares of DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares in the last quarter. Allworth Financial LP grew its holdings in shares of DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares during the last quarter. Westside Investment Management Inc. raised its position in DraftKings by 0.6% in the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock worth $1,678,000 after purchasing an additional 288 shares during the period. Nvwm LLC lifted its stake in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock worth $720,000 after purchasing an additional 312 shares during the last quarter. Finally, Amalgamated Bank boosted its position in DraftKings by 1.1% during the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company’s stock valued at $1,113,000 after buying an additional 327 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider Matthew Kalish sold 587,585 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 directly owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. This trade represents a 46.93% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,691,079 shares of company stock worth $111,885,917. Insiders own 47.08% of the company’s stock.

DraftKings Stock Up 1.5%

NASDAQ:DKNG opened at $38.25 on Thursday. 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’s 50-day moving average price is $35.30 and its 200-day moving average price is $39.29. The company has a market capitalization of $33.77 billion, a PE ratio of -36.08, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate 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 analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DKNG. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. JMP Securities set a $57.00 price target on DraftKings in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. increased their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Finally, BMO Capital Markets restated an “outperform” rating and set a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.04.

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.