DraftKings Inc. (NASDAQ:DKNG) is Blue Whale Capital LLP’s 9th Largest Position

Blue Whale Capital LLP raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 59.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,644,774 shares of the company’s stock after buying an additional 615,011 shares during the period. DraftKings comprises 5.0% of Blue Whale Capital LLP’s portfolio, making the stock its 9th largest holding. Blue Whale Capital LLP’s holdings in DraftKings were worth $64,475,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of Hawaii increased its holdings in DraftKings by 99.1% during the third quarter. Bank of Hawaii now owns 52,713 shares of the company’s stock valued at $2,066,000 after buying an additional 26,235 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of DraftKings by 8.1% in the third quarter. Daiwa Securities Group Inc. now owns 39,966 shares of the company’s stock worth $1,567,000 after purchasing an additional 2,980 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of DraftKings by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 3,698,026 shares of the company’s stock worth $144,963,000 after purchasing an additional 236,427 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of DraftKings by 134.8% in the third quarter. Larson Financial Group LLC now owns 4,167 shares of the company’s stock worth $163,000 after purchasing an additional 2,392 shares in the last quarter. Finally, Raymond James Trust N.A. purchased a new stake in shares of DraftKings in the third quarter worth $250,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 1.1 %

DraftKings stock opened at $43.09 on Monday. The firm has a 50-day moving average price of $38.92 and a 200-day moving average price of $37.89. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm 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%. Research analysts expect that DraftKings Inc. will post -0.79 EPS for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of analyst reports. Truist Financial reissued a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. The Goldman Sachs Group reduced their price objective on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, August 5th. UBS Group increased their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Oppenheimer reduced their price objective on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Wells Fargo & Company raised their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.85.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 3,151 shares of DraftKings 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 completion of the sale, the insider now 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 filing with the SEC, which is available through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings 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 sale, the insider now owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock worth $29,902,158 in the last 90 days. 48.94% of the stock is owned by corporate insiders.

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.