Sculptor Capital LP Invests $26.07 Million in DraftKings Inc. $DKNG

Sculptor Capital LP acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 785,000 shares of the company’s stock, valued at approximately $26,070,000. Sculptor Capital LP owned approximately 0.09% of DraftKings at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. boosted its position in shares of DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after purchasing an additional 130,434 shares in the last quarter. Janus Henderson Group PLC lifted its position in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Baillie Gifford & Co. lifted its position in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in DraftKings by 4.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock valued at $235,746,000 after acquiring an additional 301,134 shares in the last quarter. Finally, Whale Rock Capital Management LLC lifted its position in DraftKings by 9.2% in the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company’s stock valued at $184,954,000 after acquiring an additional 416,881 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at $22,300,000. This trade represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares of the company’s stock, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 763,885 shares of company stock worth $32,227,682 over the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a “hold” rating in a research report on Friday, August 8th. Barclays reaffirmed an “overweight” rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Bank of America dropped their price target on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Finally, Benchmark increased their price objective on shares of DraftKings from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Twenty-five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.50.

DraftKings Trading Down 0.5%

Shares of DKNG stock opened at $47.98 on Friday. The company has a 50 day moving average of $44.12 and a 200-day moving average of $39.81. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61. The firm has a market cap of $42.68 billion, a P/E ratio of -73.82, a PEG ratio of 1.14 and a beta of 1.70.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the business posted $0.12 EPS. DraftKings’s quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share 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.