Graham Capital Management L.P. Invests $736,000 in DraftKings Inc. (NASDAQ:DKNG)

Graham Capital Management L.P. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 19,784 shares of the company’s stock, valued at approximately $736,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stonebridge Financial Group LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at $30,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings during the 4th quarter valued at $37,000. Westpac Banking Corp bought a new position in DraftKings during the fourth quarter worth $44,000. Finally, YANKCOM Partnership bought a new position in DraftKings during the fourth quarter worth $48,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $38.25 on Thursday. The company has a market capitalization of $33.77 billion, a PE ratio of -36.08, a PEG ratio of 1.43 and a beta of 1.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock’s 50 day moving average price is $35.30 and its 200-day moving average price is $39.29. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results 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 return on equity of 48.13% and a negative net margin of 10.64%. On average, equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on DKNG shares. JMP Securities set a $57.00 price target on shares of DraftKings in a research note on Wednesday, April 2nd. Cfra Research raised DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Susquehanna increased their price target on DraftKings from $42.00 to $52.00 and gave the stock a “positive” rating in a report on Monday. TD Securities reduced their price objective on DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Finally, Benchmark boosted their price objective on DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $55.04.

Insider Activity

In other DraftKings news, CFO Alan Wayne Ellingson sold 158,661 shares of DraftKings stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total value of $6,730,399.62. Following the sale, the chief financial officer now owns 179,435 shares of the company’s stock, valued at approximately $7,611,632.70. The trade was a 46.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 587,585 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the completion of the transaction, the insider now owns 4,118,927 shares in the company, valued at approximately $193,795,515.35. The trade was a 12.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,691,079 shares of company stock valued at $111,885,917 in the last ninety days. 47.08% of the stock is currently owned by insiders.

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.