Fred Alger Management LLC Grows Stake in DraftKings Inc. (NASDAQ:DKNG)

Fred Alger Management LLC grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 46.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,643,852 shares of the company’s stock after buying an additional 1,476,003 shares during the period. DraftKings accounts for 0.9% of Fred Alger Management LLC’s portfolio, making the stock its 21st biggest position. Fred Alger Management LLC owned approximately 0.53% of DraftKings worth $182,039,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Marshall Wace LLP boosted its stake in shares of DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares in the last quarter. Jupiter Asset Management Ltd. boosted its position in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after acquiring an additional 1,493,995 shares in the last quarter. Blue Whale Capital LLP purchased a new position in shares of DraftKings during the 2nd quarter worth approximately $39,306,000. AQR Capital Management LLC raised its position in shares of DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after purchasing an additional 826,626 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 0.1 %

DKNG opened at $43.03 on Friday. The firm’s 50 day simple moving average is $39.27 and its two-hundred day simple moving average is $37.96. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, equities research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. JMP Securities raised their price objective on DraftKings from $51.00 to $52.00 and gave the company a “market outperform” rating in a research report on Monday, November 11th. The Goldman Sachs Group lowered their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Wells Fargo & Company lifted their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Finally, Barclays raised their price objective on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.04.

Insider Transactions at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 735,246 shares of company stock valued at $29,902,158 over the last quarter. 51.19% of the stock is currently owned by company insiders.

DraftKings 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.