Anomaly Capital Management LP Purchases New Shares in DraftKings Inc. (NASDAQ:DKNG)

Anomaly Capital Management LP acquired a new position in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, Holdings Channel.com reports. The firm acquired 1,282,932 shares of the company’s stock, valued at approximately $47,725,000. DraftKings makes up approximately 1.4% of Anomaly Capital Management LP’s portfolio, making the stock its 24th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Stonebridge Financial Group LLC purchased a new position in DraftKings in the fourth quarter valued at about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the fourth quarter worth approximately $30,000. Synergy Investment Management LLC bought a new stake in shares of DraftKings in the fourth quarter worth $37,000. Westpac Banking Corp acquired a new stake in DraftKings in the fourth quarter valued at $44,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in DraftKings during the 4th quarter worth $48,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on DKNG. Guggenheim decreased their price target on DraftKings from $62.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Citigroup reissued an “outperform” rating on shares of DraftKings in a research report on Wednesday, April 2nd. TD Cowen decreased their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. JMP Securities set a $57.00 target price on shares of DraftKings in a report on Wednesday, April 2nd. Finally, Benchmark lifted their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.27.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total value of $9,000,000.00. Following the completion of the sale, the insider now directly owns 2,678,613 shares of the company’s stock, valued at approximately $120,537,585. This represents a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the transaction, the chief financial officer now directly owns 179,435 shares of the company’s stock, valued at $7,611,632.70. This represents a 46.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,575,525 shares of company stock valued at $109,441,446. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Down 3.5 %

NASDAQ:DKNG opened at $32.44 on Tuesday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a market capitalization of $28.64 billion, a price-to-earnings ratio of -30.60, a PEG ratio of 1.43 and a beta of 2.16. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The business’s fifty day moving average price is $38.95 and its 200 day moving average price is $39.66.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

About DraftKings

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.