Portolan Capital Management LLC Purchases New Stake in DraftKings Inc. (NASDAQ:DKNG)

Portolan Capital Management LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 81,364 shares of the company's stock, valued at approximately $3,189,000.

Several other large investors also recently made changes to their positions in DKNG. Global Retirement Partners LLC lifted its holdings in DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company's stock worth $1,845,000 after buying an additional 273 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company's stock valued at $63,000 after acquiring an additional 286 shares during the period. Creative Financial Designs Inc. ADV boosted its holdings in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company's stock valued at $47,000 after acquiring an additional 320 shares during the last quarter. Brown Lisle Cummings Inc. increased its position in DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company's stock worth $51,000 after purchasing an additional 325 shares during the period. Finally, HighMark Wealth Management LLC raised its holdings in DraftKings by 18.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 2,129 shares of the company's stock worth $81,000 after purchasing an additional 329 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Up 0.2 %

DraftKings stock traded up $0.07 during midday trading on Thursday, reaching $44.84. The stock had a trading volume of 6,005,350 shares, compared to its average volume of 10,209,226. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm's fifty day simple moving average is $39.69 and its 200-day simple moving average is $37.95. The stock has a market capitalization of $39.49 billion, a P/E ratio of -50.95 and a beta of 1.87.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, analysts expect that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. UBS Group raised their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 target price on shares of DraftKings in a report on Friday, November 8th. Truist Financial reissued a "buy" rating and issued a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. BMO Capital Markets reaffirmed an "outperform" rating and set a $48.00 price objective on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Mizuho increased their target price on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.04.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 3,151 shares of the business's stock in a transaction dated 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 directly owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the company's stock in a transaction dated 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 completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 735,246 shares of company stock worth $29,902,158 in the last three months. Insiders own 51.19% of the company's stock.

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.