Y Intercept Hong Kong Ltd Invests $4.07 Million in DraftKings Inc. (NASDAQ:DKNG)

Y Intercept Hong Kong Ltd acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 103,716 shares of the company's stock, valued at approximately $4,066,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its position in shares of DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company's stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the period. Jupiter Asset Management Ltd. boosted its position in DraftKings by 1,261.7% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company's stock valued at $61,545,000 after acquiring an additional 1,493,995 shares in the last quarter. Fred Alger Management LLC boosted its holdings in shares of DraftKings by 46.6% in the 3rd quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company's stock valued at $182,039,000 after buying an additional 1,476,003 shares in the last quarter. Blue Whale Capital LLP purchased a new position in shares of DraftKings in the 2nd quarter worth approximately $39,306,000. Finally, AQR Capital Management LLC raised its stake in shares of DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company's stock worth $144,905,000 after acquiring an additional 870,789 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In related news, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction 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 sale, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the company's stock in a transaction 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 completion of the transaction, the insider now owns 1,923,483 shares of the company's stock, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 735,246 shares of company stock worth $29,902,158 over the last ninety days. Corporate insiders own 51.19% of the company's stock.

DraftKings Stock Down 4.0 %

Shares of DraftKings stock traded down $1.78 on Monday, reaching $42.48. 8,207,802 shares of the company were exchanged, compared to its average volume of 10,205,610. The stock's 50 day moving average price is $39.77 and its 200-day moving average price is $37.88. 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 Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The company has a market cap of $37.41 billion, a P/E ratio of -48.51 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 net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.12 billion. As a group, equities analysts forecast that DraftKings Inc. will post -0.79 EPS for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several analyst reports. Barclays increased their price objective on DraftKings from $45.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, November 11th. Susquehanna boosted 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. BNP Paribas upgraded DraftKings from an "underperform" rating to a "neutral" rating and set a $35.00 target price for the company in a research note on Tuesday, September 10th. BMO Capital Markets reiterated an "outperform" rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.04.

DraftKings 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.