DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,248 shares of the company’s stock after purchasing an additional 3,367 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in DraftKings were worth $2,989,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Marshall Wace LLP lifted its position in DraftKings by 53.3% during the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in shares of DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after buying an additional 1,493,995 shares during the period. Blue Whale Capital LLP purchased a new stake in shares of DraftKings in the second quarter worth about $39,306,000. Kodai Capital Management LP acquired a new stake in DraftKings during the first quarter worth about $41,276,000. Finally, AQR Capital Management LLC raised its position in DraftKings by 29.0% during the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after acquiring an additional 870,789 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

DraftKings stock opened at $39.84 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.11 and a debt-to-equity ratio of 1.17. The stock has a market cap of $35.00 billion, a P/E ratio of -45.27 and a beta of 1.82. The company has a 50-day moving average price of $38.35 and a 200 day moving average price of $37.94. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion for 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%. Sell-side analysts anticipate that DraftKings Inc. will post -0.73 earnings per share for the current year.

Insider Activity

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares of the company’s stock, valued at approximately $89,045,934.12. The trade was a 3.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The trade was a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock valued at $39,966,465 in the last quarter. Insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on DKNG shares. TD Cowen raised their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Susquehanna lifted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a report on Monday, October 7th. Macquarie upped their price objective 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. Truist Financial restated a “buy” rating and set a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $50.85.

About DraftKings

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.