Oracle Alpha Inc. Makes New $417,000 Investment in DraftKings Inc. (NASDAQ:DKNG)

Oracle Alpha Inc. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 11,835 shares of the company’s stock, valued at approximately $417,000.

Several other hedge funds have also recently modified their holdings of DKNG. Vanguard Group Inc. lifted its holdings in DraftKings by 0.3% during the third quarter. Vanguard Group Inc. now owns 37,038,159 shares of the company’s stock worth $1,090,403,000 after acquiring an additional 109,406 shares during the period. Jericho Capital Asset Management L.P. boosted its holdings in shares of DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after buying an additional 2,022,000 shares during the last quarter. Norges Bank bought a new position in DraftKings during the fourth quarter valued at about $192,140,000. Ameriprise Financial Inc. increased its holdings in DraftKings by 345.7% during the third quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in DraftKings by 21.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after acquiring an additional 781,058 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $38.91 on Friday. DraftKings Inc. has a 52-week low of $24.16 and a 52-week high of $49.57. The company has a fifty day moving average of $41.36 and a 200-day moving average of $40.33. The company has a market capitalization of $33.82 billion, a P/E ratio of -32.97 and a beta of 1.81. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company’s revenue for the quarter was up 52.7% on a year-over-year basis. During the same period last year, the firm earned ($0.87) EPS. As a group, equities research analysts predict that DraftKings Inc. will post -0.21 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on DKNG. Mizuho started coverage on shares of DraftKings in a research report on Tuesday, March 26th. They set a “buy” rating and a $58.00 target price for the company. Morgan Stanley raised their target price on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Jefferies Financial Group lifted their price objective on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Finally, Oppenheimer restated an “outperform” rating and issued a $60.00 price objective on shares of DraftKings in a research note on Tuesday, May 28th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the transaction, the insider now owns 3,043,231 shares in the company, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. Insiders sold a total of 851,450 shares of company stock valued at $35,023,584 over the last quarter. 51.19% of the stock is owned by corporate 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.