Highbridge Capital Management LLC Makes New $11.81 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Highbridge Capital Management LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 1st quarter, Holdings Channel reports. The firm purchased 192,600 shares of the company’s stock, valued at approximately $11,812,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of DraftKings in the 4th quarter valued at $326,000. Norges Bank acquired a new stake in DraftKings during the 4th quarter worth $4,656,000. Flagship Harbor Advisors LLC boosted its stake in DraftKings by 27.5% during the 4th quarter. Flagship Harbor Advisors LLC now owns 10,770 shares of the company’s stock worth $501,000 after purchasing an additional 2,323 shares during the period. TrinityPoint Wealth LLC boosted its stake in DraftKings by 139.5% during the 4th quarter. TrinityPoint Wealth LLC now owns 73,419 shares of the company’s stock worth $3,969,000 after purchasing an additional 42,759 shares during the period. Finally, Federated Hermes Inc. boosted its stake in DraftKings by 106.8% during the 4th quarter. Federated Hermes Inc. now owns 620,530 shares of the company’s stock worth $28,892,000 after purchasing an additional 320,530 shares during the period. Institutional investors own 55.39% of the company’s stock.

A number of equities analysts have commented on DKNG shares. Berenberg Bank upgraded shares of DraftKings from a “sell” rating to a “hold” rating and upped their price objective for the stock from $41.00 to $42.50 in a research report on Wednesday, May 12th. Benchmark increased their price target on shares of DraftKings from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, March 10th. UBS Group increased their price target on shares of DraftKings from $52.00 to $65.00 and gave the company a “neutral” rating in a report on Monday, March 1st. Macquarie increased their price target on shares of DraftKings from $71.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, March 10th. Finally, Cowen upgraded shares of DraftKings from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a report on Monday, May 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $67.45.

Shares of DKNG traded up $0.04 during mid-day trading on Friday, reaching $53.69. 195,654 shares of the stock traded hands, compared to its average volume of 16,552,102. The stock has a market cap of $21.53 billion, a price-to-earnings ratio of -17.36 and a beta of 1.95. The firm has a fifty day moving average of $53.32. DraftKings Inc. has a 12-month low of $27.54 and a 12-month high of $74.38. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.54.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Friday, May 7th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.36). The company had revenue of $312.28 million during the quarter, compared to the consensus estimate of $228.34 million. DraftKings had a negative return on equity of 49.11% and a negative net margin of 133.84%. As a group, research analysts predict that DraftKings Inc. will post -2.92 earnings per share for the current year.

In other DraftKings news, Director Shalom Meckenzie sold 660,000 shares of DraftKings stock in a transaction on Thursday, May 27th. The shares were sold at an average price of $50.00, for a total value of $33,000,000.00. Following the completion of the transaction, the director now owns 21,728,204 shares of the company’s stock, valued at $1,086,410,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jason Park sold 53,350 shares of DraftKings stock in a transaction on Friday, May 21st. The stock was sold at an average price of $45.18, for a total transaction of $2,410,353.00. Following the completion of the transaction, the chief financial officer now directly owns 341,892 shares of the company’s stock, valued at approximately $15,446,680.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,154,963 shares of company stock valued at $55,521,269. Insiders own 62.00% of the company’s stock.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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