Victory Capital Management Inc. Increases Stock Position in DraftKings Inc. $DKNG

Victory Capital Management Inc. grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 21.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 683,000 shares of the company’s stock after purchasing an additional 119,490 shares during the quarter. Victory Capital Management Inc. owned approximately 0.14% of DraftKings worth $25,544,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. CI Investments Inc. raised its position in shares of DraftKings by 30.6% during the 3rd quarter. CI Investments Inc. now owns 1,784 shares of the company’s stock worth $67,000 after purchasing an additional 418 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its position in DraftKings by 70.1% during the third quarter. Focus Partners Advisor Solutions LLC now owns 42,671 shares of the company’s stock worth $1,596,000 after buying an additional 17,583 shares in the last quarter. Riverview Capital Advisers LLC increased its position in DraftKings by 12.2% during the third quarter. Riverview Capital Advisers LLC now owns 11,646 shares of the company’s stock worth $436,000 after buying an additional 1,268 shares in the last quarter. Elo Mutual Pension Insurance Co acquired a new position in shares of DraftKings in the third quarter worth $684,000. Finally, Bedell Frazier Investment Counselling LLC purchased a new stake in shares of DraftKings in the third quarter valued at $4,492,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on DKNG. Guggenheim set a $37.00 price objective on DraftKings in a research note on Tuesday, February 17th. BMO Capital Markets upped their target price on shares of DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, March 3rd. Barclays reaffirmed an “overweight” rating on shares of DraftKings in a research note on Tuesday, March 3rd. Citigroup reiterated a “market outperform” rating on shares of DraftKings in a report on Tuesday, February 24th. Finally, Truist Financial cut their price objective on shares of DraftKings from $45.00 to $33.00 and set a “buy” rating for the company in a research report on Tuesday, February 17th. Twenty-five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.19.

Insider Buying and Selling at DraftKings

In related news, Director Harry Sloan acquired 100,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was bought at an average price of $21.85 per share, with a total value of $2,185,000.00. Following the purchase, the director directly owned 350,219 shares in the company, valued at $7,652,285.15. The trade was a 39.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $16,005,000. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 62,928 shares of company stock worth $1,923,728 in the last 90 days. 47.08% of the stock is owned by company insiders.

DraftKings Stock Performance

DraftKings stock opened at $25.16 on Tuesday. The stock has a fifty day moving average price of $28.63 and a 200 day moving average price of $33.77. DraftKings Inc. has a 52 week low of $21.01 and a 52 week high of $48.78. The firm has a market capitalization of $12.40 billion, a P/E ratio of -629.00, a PEG ratio of 1.03 and a beta of 1.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.