Highbridge Capital Management LLC Buys New Position in DraftKings Inc. (NASDAQ:DKNG)

Highbridge Capital Management LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 192,600 shares of the company’s stock, valued at approximately $11,812,000.

A number of other hedge funds also recently bought and sold shares of DKNG. Atwood & Palmer Inc. bought a new position in DraftKings in the first quarter valued at approximately $25,000. Oder Investment Management LLC bought a new position in shares of DraftKings during the 4th quarter worth approximately $28,000. Allworth Financial LP boosted its stake in shares of DraftKings by 137.5% during the 1st quarter. Allworth Financial LP now owns 475 shares of the company’s stock worth $29,000 after acquiring an additional 275 shares during the period. Global Wealth Management Investment Advisory Inc. boosted its stake in shares of DraftKings by 42.1% during the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 675 shares of the company’s stock worth $31,000 after acquiring an additional 200 shares during the period. Finally, D Orazio & Associates Inc. boosted its stake in shares of DraftKings by 482.0% during the 1st quarter. D Orazio & Associates Inc. now owns 582 shares of the company’s stock worth $36,000 after acquiring an additional 482 shares during the period. Hedge funds and other institutional investors own 55.39% of the company’s stock.

Several brokerages have recently commented on DKNG. Credit Suisse Group lifted their target price on DraftKings from $84.00 to $85.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 10th. The Goldman Sachs Group lifted their price target on DraftKings from $79.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, March 23rd. Craig Hallum dropped their price target on DraftKings from $70.00 to $60.00 and set a “buy” rating for the company in a report on Monday, May 10th. Piper Sandler lifted their price target on DraftKings from $58.00 to $67.00 in a report on Monday, March 1st. Finally, Zacks Investment Research cut DraftKings from a “hold” rating to a “sell” rating in a report on Tuesday, May 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $67.45.

Shares of DKNG traded up $0.04 during trading hours on Friday, hitting $53.69. The company had a trading volume of 195,654 shares, compared to its average volume of 16,552,102. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.54. The firm has a market cap of $21.53 billion, a price-to-earnings ratio of -17.36 and a beta of 1.95. DraftKings Inc. has a 52-week low of $27.54 and a 52-week high of $74.38. The company’s 50 day moving average is $53.32.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, May 7th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.51) by ($0.36). The business had revenue of $312.28 million during the quarter, compared to the consensus estimate of $228.34 million. DraftKings had a negative return on equity of 49.11% and a negative net margin of 133.84%. On average, equities research analysts forecast that DraftKings Inc. will post -2.92 earnings per share for the current fiscal year.

In other news, CFO Jason Park sold 53,350 shares of the business’s stock in a transaction on Friday, May 21st. The shares were sold at an average price of $45.18, for a total transaction of $2,410,353.00. Following the completion of the sale, the chief financial officer now owns 341,892 shares of the company’s stock, valued at approximately $15,446,680.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Matthew Kalish sold 57,692 shares of the business’s stock in a transaction on Friday, May 28th. The shares were sold at an average price of $50.72, for a total transaction of $2,926,138.24. Following the sale, the insider now directly owns 1,880,530 shares of the company’s stock, valued at approximately $95,380,481.60. The disclosure for this sale can be found here. Insiders have sold 1,154,963 shares of company stock valued at $55,521,269 over the last quarter. Company insiders own 62.00% of the company’s stock.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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