Fred Alger Management LLC Sells 1,091,127 Shares of DraftKings Inc. $DKNG

Fred Alger Management LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 77.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 317,948 shares of the company’s stock after selling 1,091,127 shares during the period. Fred Alger Management LLC owned approximately 0.06% of DraftKings worth $11,891,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriflex Group Inc. boosted its holdings in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after acquiring an additional 405 shares during the period. Root Financial Partners LLC bought a new stake in shares of DraftKings during the 3rd quarter valued at $33,000. AlphaQuest LLC bought a new stake in shares of DraftKings during the 3rd quarter valued at $41,000. TD Private Client Wealth LLC lifted its holdings in DraftKings by 45.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock worth $44,000 after purchasing an additional 365 shares in the last quarter. Finally, Delos Wealth Advisors LLC purchased a new stake in DraftKings during the 2nd quarter worth about $47,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. BTIG Research set a $35.00 target price on DraftKings in a report on Tuesday, March 3rd. Benchmark reissued a “buy” rating on shares of DraftKings in a report on Tuesday, March 3rd. JPMorgan Chase & Co. cut their price objective on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday, February 17th. Rothschild & Co Redburn set a $35.00 price objective on shares of DraftKings in a research note on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, January 21st. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.09.

DraftKings Stock Performance

NASDAQ:DKNG opened at $24.90 on Tuesday. The stock has a market cap of $12.28 billion, a P/E ratio of -622.50, a PEG ratio of 1.06 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The business’s 50-day moving average price is $27.66 and its two-hundred day moving average price is $32.99. DraftKings Inc. has a twelve month low of $21.01 and a twelve month high of $48.78.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the completion of the transaction, the insider owned 500,000 shares of the company’s stock, valued at $16,005,000. The trade was a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry Sloan purchased 100,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was bought at an average cost of $21.85 per share, for a total transaction of $2,185,000.00. Following the acquisition, the director directly owned 350,219 shares in the company, valued at approximately $7,652,285.15. The trade was a 39.96% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 549,495 shares of company stock valued at $14,166,700 in the last 90 days. 47.08% of the stock is owned by company insiders.

Key Stories Impacting DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Bernstein reiterated an “Outperform” rating and nudged its price target higher (from $28 to $30), reinforcing bullish analyst conviction around DraftKings’ expansion prospects and supporting longer‑term upside. Bernstein Remains Bullish on DraftKings
• Positive Sentiment: DraftKings’ strategic relationship with ESPN appears to be deepening and the company is evaluating federal rule changes — developments that could expand distribution and product reach if regulatory shifts are favorable. DraftKings Weighs Federal Rule Shift As ESPN Tie Up Deepens
• Neutral Sentiment: Brokerage consensus remains around a “Moderate Buy,” reflecting steady but not unanimous bullishness from analysts; this keeps expectations tempered rather than amplifying volatility. DraftKings Receives Average Recommendation of “Moderate Buy”
• Neutral Sentiment: Market commentary is focused on whether current pricing fairly reflects DraftKings’ recent volatility and growth outlook — recent short‑term gains contrast with weaker year‑to‑date/one‑year returns, leaving valuation debates unresolved. Is DraftKings Pricing Reflect Its Recent Volatility And Growth Prospects
• Negative Sentiment: UBS trimmed its price target from $53 to $43 while keeping a “buy” rating — a notable downward revision that reduces implied upside and can weigh on sentiment even though the rating stayed positive. UBS Lowers DraftKings Price Target
• Negative Sentiment: Director Jocelyn Moore sold 2,150 shares (disclosed in an SEC filing), reducing her holding by ~60% — an insider sale that investors often read as a negative signal about near‑term insider conviction. Director Jocelyn Moore Sells Shares

DraftKings Profile

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.