Wolf Hill Capital Management LP Purchases New Holdings in DraftKings Inc. (NASDAQ:DKNG)

Wolf Hill Capital Management LP acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 1,043,198 shares of the company’s stock, valued at approximately $38,807,000. DraftKings makes up approximately 2.8% of Wolf Hill Capital Management LP’s investment portfolio, making the stock its 14th largest holding. Wolf Hill Capital Management LP owned 0.21% of DraftKings at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after buying an additional 29,991 shares in the last quarter. Vestmark Advisory Solutions Inc. increased its position in DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after purchasing an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $874,000. Highland Capital Management LLC acquired a new stake in shares of DraftKings in the fourth quarter worth about $1,086,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of DraftKings by 18.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after acquiring an additional 6,059 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the completion of the sale, the insider now directly owns 706,620 shares in the company, valued at approximately $26,583,044.40. This trade represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $45.00, for a total transaction of $9,000,000.00. Following the transaction, the insider now owns 2,678,613 shares in the company, valued at approximately $120,537,585. This trade represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,575,525 shares of company stock worth $109,441,446 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 several analyst reports. Truist Financial boosted their target price on DraftKings from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Morgan Stanley upped their price objective on shares of DraftKings from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Jefferies Financial Group set a $60.00 price target on DraftKings and gave the company a “buy” rating in a research report on Sunday, April 13th. Guggenheim cut their price objective on DraftKings from $62.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. raised their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Three investment 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.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.27.

DraftKings Trading Down 3.5 %

Shares of DKNG opened at $32.44 on Tuesday. 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 stock has a market cap of $28.64 billion, a PE ratio of -30.60, a PEG ratio of 1.43 and a beta of 2.16. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a 50 day simple moving average of $38.95 and a 200-day simple moving average of $39.66.

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

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.