Blue Whale Capital LLP Has $64.48 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Blue Whale Capital LLP raised its position in DraftKings Inc. (NASDAQ:DKNG) by 59.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,644,774 shares of the company’s stock after purchasing an additional 615,011 shares during the period. DraftKings accounts for 5.0% of Blue Whale Capital LLP’s investment portfolio, making the stock its 9th biggest position. Blue Whale Capital LLP owned about 0.19% of DraftKings worth $64,475,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. LRI Investments LLC bought a new stake in shares of DraftKings during the 1st quarter worth $31,000. Alta Advisers Ltd bought a new stake in shares of DraftKings during the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC bought a new stake in DraftKings in the second quarter worth $39,000. St. Johns Investment Management Company LLC bought a new stake in DraftKings in the second quarter worth $46,000. Finally, V Square Quantitative Management LLC bought a new stake in DraftKings in the third quarter worth $46,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on DKNG shares. Susquehanna boosted their price target on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. Mizuho boosted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. TD Cowen boosted their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Wells Fargo & Company boosted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Finally, Oppenheimer decreased their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the transaction, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % 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, insider Jason Robins sold 3,151 shares of the 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 in the company, valued at approximately $115,002,452.43. This trade represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 735,246 shares of company stock worth $29,902,158. Corporate insiders own 48.94% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $43.09 on Monday. The firm’s 50 day moving average price is $38.92 and its 200-day moving average price is $37.89. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

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

DraftKings Company 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.