Fieldview Capital Management LLC Takes Position in DraftKings Inc. $DKNG

Fieldview Capital Management LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 71,462 shares of the company’s stock, valued at approximately $2,463,000.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after buying an additional 1,354,457 shares during the last quarter. Capital World Investors grew its holdings in shares of DraftKings by 181.4% in the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the period. Viking Global Investors LP acquired a new position in shares of DraftKings in the 3rd quarter valued at $561,125,000. AQR Capital Management LLC grew its holdings in shares of DraftKings by 63.5% in the 3rd quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock valued at $437,044,000 after buying an additional 4,538,007 shares during the period. Finally, Geode Capital Management LLC boosted its stake in DraftKings by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 9,494,860 shares of the company’s stock worth $326,394,000 after purchasing an additional 192,160 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DKNG has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. Mizuho upped their target price on shares of DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a report on Friday, April 24th. Citigroup reissued a “market outperform” rating on shares of DraftKings in a report on Monday, June 1st. Finally, TD Cowen reissued a “buy” rating and issued a $30.00 price target on shares of DraftKings in a report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $34.21.

Key Stories Impacting DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

DraftKings Stock Performance

NASDAQ:DKNG opened at $29.00 on Friday. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm has a market capitalization of $14.39 billion, a PE ratio of 483.33 and a beta of 1.66. The stock’s 50-day simple moving average is $24.47 and its 200 day simple moving average is $27.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business earned ($0.07) EPS. The business’s quarterly revenue was up 16.8% on a year-over-year basis. On average, analysts anticipate that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the sale, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,596 shares of company stock worth $2,756,991 in the last 90 days. Company insiders own 47.18% of the company’s stock.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.