Shellback Capital LP increased its holdings in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 140.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 712,500 shares of the company’s stock after purchasing an additional 416,600 shares during the quarter. DraftKings makes up 1.8% of Shellback Capital LP’s investment portfolio, making the stock its 16th biggest holding. Shellback Capital LP’s holdings in DraftKings were worth $26,505,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the fourth quarter worth $28,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the fourth quarter worth $30,000. Finally, Synergy Investment Management LLC bought a new stake in DraftKings during the fourth quarter valued at $37,000. Institutional investors own 37.70% of the company’s stock.
DraftKings Trading Down 4.3%
DKNG opened at $36.61 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market capitalization of $32.33 billion, a PE ratio of -34.54, a P/E/G ratio of 1.43 and a beta of 1.89. The company’s 50-day moving average is $35.28 and its 200 day moving average is $39.29.
Wall Street Analyst Weigh In
DKNG has been the topic of a number of research analyst reports. TD Securities cut their price target on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company upped their price target on shares of DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $65.00 price target on shares of DraftKings in a research report on Thursday, April 24th. Stifel Nicolaus cut their price target on shares of DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Finally, Northland Securities set a $50.00 price target on shares of DraftKings in a research report on Friday, April 25th. Two research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.04.
View Our Latest Report on DKNG
Insider Buying and Selling at DraftKings
In other DraftKings news, insider Jason Robins sold 666,651 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $19,417,065.60. This trade represents a 8.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,691,079 shares of company stock worth $111,885,917. Insiders own 47.08% of the company’s stock.
DraftKings 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.
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