Stifel Financial Corp Raises Holdings in DraftKings Inc. (NASDAQ:DKNG)

Stifel Financial Corp increased its position in DraftKings Inc. (NASDAQ:DKNG) by 27.7% in the 3rd quarter, Holdings Channel reports. The firm owned 195,628 shares of the company’s stock after buying an additional 42,431 shares during the period. Stifel Financial Corp’s holdings in DraftKings were worth $7,669,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Marshall Wace LLP lifted its stake in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares during the last quarter. FMR LLC increased its holdings in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after acquiring an additional 826,626 shares during the period. Massachusetts Financial Services Co. MA raised its position in DraftKings by 8.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock valued at $220,518,000 after purchasing an additional 441,975 shares during the last quarter. Fred Alger Management LLC boosted its stake in DraftKings by 46.6% during the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after purchasing an additional 1,476,003 shares during the period. Finally, AQR Capital Management LLC grew its position in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after purchasing an additional 870,789 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Down 0.4 %

Shares of NASDAQ DKNG opened at $41.47 on Friday. The firm’s 50-day moving average is $40.06 and its two-hundred day moving average is $37.95. The company has a market capitalization of $36.52 billion, a PE ratio of -47.13 and a beta of 1.87. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Equities analysts anticipate that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 963,742 shares of company stock worth $39,668,077 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Friday, November 8th. BNP Paribas upgraded DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research note on Tuesday, September 10th. Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Barclays boosted their price objective on shares of DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.04.

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.