DraftKings Inc. $DKNG Position Increased by Eminence Capital LP

Eminence Capital LP raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 31.9% during the third quarter, HoldingsChannel reports. The firm owned 6,274,863 shares of the company’s stock after purchasing an additional 1,517,413 shares during the quarter. DraftKings makes up about 2.8% of Eminence Capital LP’s investment portfolio, making the stock its 10th largest position. Eminence Capital LP’s holdings in DraftKings were worth $234,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IHT Wealth Management LLC lifted its stake in shares of DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after buying an additional 248 shares during the period. Orion Porfolio Solutions LLC increased its position in shares of DraftKings by 3.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock valued at $397,000 after acquiring an additional 321 shares during the period. Geneos Wealth Management Inc. raised its stake in DraftKings by 7.3% in the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after acquiring an additional 328 shares during the last quarter. Valeo Financial Advisors LLC raised its stake in DraftKings by 3.6% in the 2nd quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after acquiring an additional 348 shares during the last quarter. Finally, Huntleigh Advisors Inc. lifted its position in DraftKings by 0.8% during the 3rd quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock worth $1,632,000 after acquiring an additional 363 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Citizens Jmp reiterated a “market outperform” rating and set a $38.00 price target on shares of DraftKings in a research note on Tuesday, March 3rd. Texas Capital raised DraftKings to a “hold” rating in a report on Thursday, January 8th. Benchmark reiterated a “buy” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft set a $26.00 price target on shares of DraftKings in a report on Tuesday, February 17th. Finally, Truist Financial decreased their price objective on shares of DraftKings from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.19.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at $16,005,000. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harry Sloan acquired 100,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was purchased at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the completion of the acquisition, the director owned 350,219 shares in the company, valued at $7,652,285.15. The trade was a 39.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 547,345 shares of company stock worth $14,111,660 over the last 90 days. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 1.2%

Shares of DKNG stock opened at $25.87 on Friday. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $12.75 billion, a price-to-earnings ratio of -646.75, a PEG ratio of 1.06 and a beta of 1.67. The stock has a 50 day simple moving average of $27.88 and a 200-day simple moving average of $33.25. DraftKings Inc. has a 1-year low of $21.01 and a 1-year high of $48.78.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.