Monimus Capital Management LP Purchases New Stake in DraftKings Inc. (NASDAQ:DKNG)

Monimus Capital Management LP purchased a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 102,211 shares of the company's stock, valued at approximately $3,802,000. DraftKings comprises about 3.6% of Monimus Capital Management LP's holdings, making the stock its 8th largest holding.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. bought a new position in DraftKings during the 4th quarter worth $246,765,000. Fred Alger Management LLC grew its position in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock worth $182,039,000 after buying an additional 1,476,003 shares during the last quarter. FMR LLC lifted its position in shares of DraftKings by 14.7% during 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 last quarter. Mizuho Securities USA LLC acquired a new stake in shares of DraftKings during the third quarter worth $28,028,000. Finally, Blue Whale Capital LLP boosted its holdings in shares of DraftKings by 59.7% in the third quarter. Blue Whale Capital LLP now owns 1,644,774 shares of the company's stock worth $64,475,000 after buying an additional 615,011 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 4.4 %

Shares of NASDAQ DKNG traded up $1.63 during mid-day trading on Wednesday, hitting $38.54. The company's stock had a trading volume of 9,319,918 shares, compared to its average volume of 9,618,394. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market cap of $18.88 billion, a price-to-earnings ratio of -36.36, a price-to-earnings-growth ratio of 1.43 and a beta of 2.07. The company's fifty day simple moving average is $42.16 and its 200-day simple moving average is $40.21. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

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DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on DKNG shares. Piper Sandler reiterated an "overweight" rating and set a $60.00 price objective (up from $48.00) on shares of DraftKings in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lifted their target price on DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. JMP Securities reaffirmed a "market outperform" rating and set a $50.00 price objective on shares of DraftKings in a research report on Friday, February 14th. Canaccord Genuity Group boosted their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a report on Friday, February 14th. Finally, Barclays increased their price objective on DraftKings from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and an average price target of $54.44.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares in the company, valued at approximately $7,611,632.70. The trade was a 46.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the sale, the insider now directly owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. This represents a 12.48 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,663,966 shares of company stock worth $112,550,362. Corporate insiders own 51.19% of the company's stock.

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.