Orion Portfolio Solutions LLC Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Orion Portfolio Solutions LLC grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 60.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,954 shares of the company’s stock after acquiring an additional 4,116 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in DraftKings were worth $429,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Marshall Wace LLP boosted its holdings in DraftKings by 53.3% in the second quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock worth $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of DraftKings by 1,261.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock worth $61,545,000 after buying an additional 1,493,995 shares during the last quarter. Fred Alger Management LLC grew its holdings in shares of DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock worth $182,039,000 after acquiring an additional 1,476,003 shares during the period. Blue Whale Capital LLP purchased a new stake in DraftKings during the second quarter valued at $39,306,000. Finally, AQR Capital Management LLC lifted its holdings in DraftKings by 29.0% in the second quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after acquiring an additional 870,789 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DKNG has been the topic of a number of research reports. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Barclays lifted their price target on shares of DraftKings from $45.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $48.00 target price on shares of DraftKings in a report on Wednesday, October 16th. TD Cowen boosted their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Morgan Stanley raised their price objective on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.00.

DraftKings Stock Performance

Shares of DraftKings stock opened at $38.75 on Thursday. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The company has a market capitalization of $34.12 billion, a PE ratio of -44.03 and a beta of 1.87. The stock’s fifty day moving average is $40.17 and its two-hundred day moving average is $38.03. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.17.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. As a group, analysts expect that DraftKings Inc. will post -0.79 earnings per share for the current year.

Insider Activity

In related news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares in the company, valued at $23,160,122.16. This trade represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 963,742 shares of company stock valued at $39,668,077. Corporate insiders own 48.94% of the company’s stock.

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.