Lakewood Capital Management LP Makes New Investment in DraftKings Inc. $DKNG

Lakewood Capital Management LP purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 132,000 shares of the company’s stock, valued at approximately $4,937,000.

Several other large investors also recently made changes to their positions in the business. Integrated Wealth Concepts LLC increased its holdings in shares of DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of DraftKings by 1,141.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after acquiring an additional 40,495 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after acquiring an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of DraftKings during the second quarter worth $603,000. Finally, Allworth Financial LP raised its position in shares of DraftKings by 132.9% during the second quarter. Allworth Financial LP now owns 8,881 shares of the company’s stock worth $381,000 after purchasing an additional 5,067 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

DKNG stock opened at $25.87 on Friday. The firm has a 50 day simple moving average of $27.88 and a 200 day simple moving average of $33.35. DraftKings Inc. has a 52 week low of $21.01 and a 52 week high of $48.78. The stock has a market cap of $12.75 billion, a P/E ratio of -646.75, a P/E/G ratio of 1.05 and a beta of 1.67. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider owned 213,597 shares of the company’s stock, valued at $5,374,100.52. This trade represents a 69.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the transaction, the chief accounting officer owned 38,168 shares in the company, valued at approximately $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 547,345 shares of company stock worth $14,111,660 in the last quarter. 51.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of recent analyst reports. BMO Capital Markets increased their price target on DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. Deutsche Bank Aktiengesellschaft set a $26.00 price objective on shares of DraftKings in a research note on Tuesday, February 17th. BTIG Research set a $35.00 target price on shares of DraftKings in a report on Tuesday, March 3rd. Berenberg Bank set a $26.40 price target on shares of DraftKings in a report on Tuesday, February 24th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.19.

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.