Marshall Wace LLP Has $359.20 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Marshall Wace LLP boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 53.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,410,431 shares of the company’s stock after acquiring an additional 3,269,932 shares during the quarter. DraftKings accounts for 0.5% of Marshall Wace LLP’s portfolio, making the stock its 24th largest position. Marshall Wace LLP owned about 1.08% of DraftKings worth $359,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the stock. Tremblant Capital Group raised its stake in DraftKings by 10.4% during the second quarter. Tremblant Capital Group now owns 923,369 shares of the company’s stock worth $35,245,000 after acquiring an additional 87,269 shares in the last quarter. Interval Partners LP raised its stake in DraftKings by 7,051.7% during the second quarter. Interval Partners LP now owns 139,033 shares of the company’s stock worth $5,307,000 after acquiring an additional 141,033 shares in the last quarter. Xponance Inc. raised its stake in DraftKings by 7.0% during the second quarter. Xponance Inc. now owns 77,805 shares of the company’s stock worth $2,970,000 after acquiring an additional 5,061 shares in the last quarter. Delap Wealth Advisory LLC raised its stake in DraftKings by 35.2% during the second quarter. Delap Wealth Advisory LLC now owns 11,857 shares of the company’s stock worth $453,000 after acquiring an additional 3,089 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its stake in DraftKings by 39.3% during the second quarter. Mount Yale Investment Advisors LLC now owns 14,591 shares of the company’s stock worth $557,000 after acquiring an additional 4,118 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the transaction, the insider now owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares in the company, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold 551,647 shares of company stock worth $18,811,071 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on DKNG. Berenberg Bank upgraded DraftKings to a “hold” rating in a research note on Friday, May 31st. The Goldman Sachs Group lowered their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Barclays lowered their target price on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Guggenheim lowered their target price on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.78.

DraftKings Price Performance

Shares of DKNG opened at $39.63 on Tuesday. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market cap of $34.45 billion, a P/E ratio of -33.58 and a beta of 1.80. The stock’s 50-day moving average price is $35.43 and its two-hundred day moving average price is $39.40.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data 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. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business posted ($0.17) EPS. DraftKings’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current year.

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.