Blue Whale Capital LLP Acquires Shares of 1,029,763 DraftKings Inc. (NASDAQ:DKNG)

Blue Whale Capital LLP bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,029,763 shares of the company’s stock, valued at approximately $39,306,000. DraftKings comprises about 3.5% of Blue Whale Capital LLP’s investment portfolio, making the stock its 14th biggest holding. Blue Whale Capital LLP owned approximately 0.12% of DraftKings at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Transcendent Capital Group LLC purchased a new stake in DraftKings in the fourth quarter worth $26,000. LRI Investments LLC purchased a new stake in DraftKings during the first quarter valued at about $31,000. LifeSteps Financial Inc. bought a new position in DraftKings during the first quarter worth about $33,000. Concord Wealth Partners lifted its stake in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares in the last quarter. Finally, Alta Advisers Ltd bought a new position in DraftKings in the 2nd quarter worth approximately $38,000. 37.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,220,537 shares of company stock valued at $44,784,070. Insiders own 51.19% of the company’s stock.

DraftKings Stock Up 0.0 %

DKNG stock opened at $39.28 on Friday. The business has a 50 day moving average of $35.42 and a 200 day moving average of $39.46. The firm has a market cap of $34.14 billion, a PE ratio of -33.29 and a beta of 1.80. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the company earned ($0.17) earnings per share. On average, research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on DKNG shares. Berenberg Bank raised DraftKings to a “hold” rating in a report on Friday, May 31st. Barclays reduced their target price on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. UBS Group boosted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company decreased their target price on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $49.78.

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.