Sora Investors LLC Acquires New Position in DraftKings Inc. (NASDAQ:DKNG)

Sora Investors LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 50,585 shares of the company's stock, valued at approximately $1,983,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DKNG. Mizuho Securities USA LLC bought a new stake in DraftKings in the 3rd quarter worth approximately $28,028,000. Janney Montgomery Scott LLC grew its holdings in shares of DraftKings by 51.6% in the third quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company's stock valued at $14,826,000 after purchasing an additional 128,676 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company's stock worth $124,470,000 after purchasing an additional 86,336 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company's stock valued at $19,481,000 after purchasing an additional 350,215 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock valued at $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares of the company's stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares of the company's stock, valued at $5,662,581.92. The trade was a 82.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 735,246 shares of company stock valued at $29,902,158. Corporate insiders own 51.19% of the company's stock.

DraftKings Stock Down 0.5 %

Shares of NASDAQ:DKNG traded down $0.23 during trading hours on Friday, hitting $44.61. The company's stock had a trading volume of 7,792,717 shares, compared to its average volume of 10,198,085. The firm's fifty day moving average price is $39.69 and its 200 day moving average price is $37.95. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a market capitalization of $39.29 billion, a price-to-earnings ratio of -50.95 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued 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). The business 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%. As a group, research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

DKNG has been the topic of a number of research reports. TD Cowen boosted their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. Barclays boosted their price objective on DraftKings from $45.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, November 11th. Susquehanna upped their price objective on DraftKings from $48.00 to $50.00 and gave the company a "positive" rating in a research report on Monday, October 7th. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. Finally, Mizuho increased their price target on DraftKings from $54.00 to $62.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and a consensus price target of $51.04.

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.