Strs Ohio Grows Stake in DraftKings Inc. $DKNG

Strs Ohio boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 56.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 244,512 shares of the company’s stock after buying an additional 88,020 shares during the period. Strs Ohio’s holdings in DraftKings were worth $8,426,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares in the last quarter. Viking Global Investors LP purchased a new position in DraftKings in the 3rd quarter valued at approximately $561,125,000. AQR Capital Management LLC increased its stake in DraftKings by 63.5% in the 3rd quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock valued at $437,044,000 after purchasing an additional 4,538,007 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in DraftKings by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock valued at $279,494,000 after purchasing an additional 79,152 shares in the last quarter. Finally, Capital World Investors increased its stake in DraftKings by 2.1% in the 3rd quarter. Capital World Investors now owns 6,618,072 shares of the company’s stock valued at $247,516,000 after purchasing an additional 138,891 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. HSBC raised DraftKings from a “hold” rating to a “hold” rating in a research report on Friday, April 24th. Truist Financial cut their price target on DraftKings from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, April 21st. Stephens initiated coverage on DraftKings in a report on Friday, April 24th. They issued an “overweight” rating for the company. Barclays cut their price target on DraftKings from $37.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, April 16th. Finally, Moffett Nathanson cut DraftKings from a “buy” rating to a “neutral” rating and cut their price target for the stock from $38.00 to $27.00 in a report on Friday, April 24th. Twenty-seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $34.84.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $23.57 on Tuesday. The company has a market cap of $11.68 billion, a P/E ratio of -589.25, a P/E/G ratio of 1.08 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The business has a fifty day simple moving average of $23.42 and a 200-day simple moving average of $28.70.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 484,417 shares of DraftKings 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 sale, the insider owned 213,597 shares of the company’s stock, valued at $5,374,100.52. The trade was a 69.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 2,150 shares of DraftKings stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director directly owned 1,406 shares of the company’s stock, valued at approximately $35,993.60. This represents a 60.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 496,718 shares of company stock worth $12,477,308 in the last three months. Company insiders own 47.18% of the company’s stock.

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.