QRG Capital Management Inc. Purchases 6,839 Shares of DraftKings Inc. (NASDAQ:DKNG)

QRG Capital Management Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 64,272 shares of the company’s stock after acquiring an additional 6,839 shares during the quarter. QRG Capital Management Inc.’s holdings in DraftKings were worth $2,391,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Geode Capital Management LLC grew its stake in DraftKings by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 7,985,021 shares of the company’s stock worth $312,361,000 after acquiring an additional 284,131 shares in the last quarter. Baillie Gifford & Co. bought a new position in DraftKings in the 4th quarter worth about $246,765,000. FMR LLC grew its stake in DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock worth $253,509,000 after acquiring an additional 826,626 shares in the last quarter. Fred Alger Management LLC grew its stake in DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in DraftKings by 6.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after acquiring an additional 236,427 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on DKNG. Cowen restated a “buy” rating on shares of DraftKings in a research note on Tuesday, February 4th. Macquarie upped their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Susquehanna lowered their price target on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Finally, BTIG Research set a $59.00 price target on shares of DraftKings in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $54.44.

Insider Transactions at DraftKings

In other news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now owns 4,118,927 shares in the company, valued at $193,795,515.35. This represents a 12.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason Robins sold 666,651 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the completion of the sale, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,573,488 shares of company stock worth $109,600,767 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Up 2.6 %

Shares of DraftKings stock opened at $43.86 on Monday. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The firm has a market capitalization of $21.49 billion, a price-to-earnings ratio of -41.38, a PEG ratio of 1.43 and a beta of 1.93. The firm’s 50 day simple moving average is $41.78 and its two-hundred day simple moving average is $39.84.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. Analysts predict that DraftKings Inc. will post 0.64 EPS 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.