AQR Capital Management LLC Purchases 2,451,421 Shares of DraftKings Inc. $DKNG

AQR Capital Management LLC increased its position in DraftKings Inc. (NASDAQ:DKNG) by 52.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,147,665 shares of the company’s stock after purchasing an additional 2,451,421 shares during the quarter. AQR Capital Management LLC owned approximately 0.80% of DraftKings worth $306,563,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of DKNG. TD Private Client Wealth LLC boosted its holdings in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares during the period. Summit Securities Group LLC boosted its stake in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares during the period. Atlantic Union Bankshares Corp bought a new stake in DraftKings in the 2nd quarter valued at $45,000. Ameritas Advisory Services LLC acquired a new position in DraftKings in the 2nd quarter valued at $48,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of DraftKings during the first quarter worth $49,000. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Citigroup began coverage on shares of DraftKings in a research note on Friday, November 21st. They issued a “buy” rating and a $48.00 price objective for the company. Truist Financial reduced their price objective on shares of DraftKings from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. JPMorgan Chase & Co. cut their price target on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Finally, Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a research note on Monday, October 6th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.48.

DraftKings Price Performance

DKNG stock opened at $35.52 on Friday. The firm has a 50 day moving average of $32.33 and a 200-day moving average of $38.88. The firm has a market capitalization of $17.68 billion, a P/E ratio of -62.32, a price-to-earnings-growth ratio of 2.89 and a beta of 1.60. DraftKings Inc. has a 12 month low of $26.23 and a 12 month high of $53.61. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business earned ($0.60) earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, Director Gregory Westin Wendt purchased 10,000 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was purchased at an average price of $30.27 per share, with a total value of $302,700.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at approximately $302,700. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the transaction, the insider directly owned 512,182 shares in the company, valued at $17,332,238.88. This trade represents a 9.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 166,752 shares of company stock worth $5,387,153. Company insiders own 51.19% of the company’s stock.

About DraftKings

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.