Sora Investors LLC Raises Holdings in DraftKings Inc. (NASDAQ:DKNG)

Sora Investors LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1,359.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 738,149 shares of the company’s stock after purchasing an additional 687,564 shares during the quarter. DraftKings comprises 3.0% of Sora Investors LLC’s portfolio, making the stock its 7th largest holding. Sora Investors LLC owned approximately 0.15% of DraftKings worth $27,459,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Janus Henderson Group PLC raised its position in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the period. Norges Bank bought a new position in shares of DraftKings in the fourth quarter valued at approximately $276,328,000. FMR LLC raised its position in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new position in shares of DraftKings in the fourth quarter valued at approximately $246,765,000. Finally, Eminence Capital LP bought a new position in shares of DraftKings in the fourth quarter valued at approximately $65,255,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on DKNG shares. Mizuho dropped their price target on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Monday. Argus set a $60.00 price target on shares of DraftKings in a research report on Tuesday, February 18th. Canaccord Genuity Group lifted their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Wells Fargo & Company lifted 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. Finally, Susquehanna lifted their price target on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.04.

Insider Buying and Selling at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the transaction, the insider now directly owns 706,620 shares of the company’s stock, valued at approximately $26,583,044.40. The trade was a 6.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,691,079 shares of company stock valued at $111,885,917. 47.08% of the stock is currently owned by company insiders.

DraftKings Stock Down 4.3%

DKNG opened at $36.61 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week 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’s fifty day moving average price is $35.28 and its two-hundred day moving average price is $39.29. The company has a market capitalization of $32.33 billion, a P/E ratio of -34.54, a P/E/G ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share 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, analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

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.