Candlestick Capital Management LP Buys Shares of 290,161 DraftKings Inc. $DKNG

Candlestick Capital Management LP bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 290,161 shares of the company’s stock, valued at approximately $10,852,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Nordea Investment Management AB grew its stake in shares of DraftKings by 1,996.2% in the 3rd quarter. Nordea Investment Management AB now owns 421,127 shares of the company’s stock valued at $16,205,000 after buying an additional 401,037 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in DraftKings by 1.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock worth $279,494,000 after buying an additional 79,152 shares during the last quarter. Swiss National Bank raised its position in DraftKings by 10.0% during the second quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock valued at $58,415,000 after acquiring an additional 124,200 shares in the last quarter. Citigroup Inc. raised its position in DraftKings by 40.6% during the third quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after acquiring an additional 560,139 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in DraftKings by 2.9% in the second quarter. Rhumbline Advisers now owns 603,836 shares of the company’s stock valued at $25,898,000 after acquiring an additional 17,114 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG opened at $25.87 on Friday. The firm has a market capitalization of $12.75 billion, a PE ratio of -646.75, a PEG ratio of 1.06 and a beta of 1.67. DraftKings Inc. has a 1 year low of $21.01 and a 1 year high of $48.78. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The firm’s fifty day simple moving average is $27.88 and its 200 day simple moving average is $33.25.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Berenberg Bank set a $26.40 target price on shares of DraftKings in a research report on Tuesday, February 24th. Citigroup restated a “market outperform” rating on shares of DraftKings in a report on Tuesday, February 24th. Texas Capital raised shares of DraftKings to a “hold” rating in a research note on Thursday, January 8th. JPMorgan Chase & Co. decreased their price objective on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, February 17th. Finally, Deutsche Bank Aktiengesellschaft set a $26.00 price target on DraftKings in a research note on Tuesday, February 17th. Twenty-five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $37.19.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 484,417 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the transaction, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harry Sloan purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were purchased at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the acquisition, 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 547,345 shares of company stock worth $14,111,660 over the last quarter. 51.19% of the stock is currently owned by company insiders.

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.