Shellback Capital LP Acquires 416,600 Shares of DraftKings Inc. (NASDAQ:DKNG)

Shellback Capital LP increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 140.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 712,500 shares of the company’s stock after purchasing an additional 416,600 shares during the period. DraftKings accounts for approximately 1.8% of Shellback Capital LP’s holdings, making the stock its 16th largest position. Shellback Capital LP owned about 0.15% of DraftKings worth $26,505,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Janus Henderson Group PLC boosted its holdings in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the period. Norges Bank bought a new stake in shares of DraftKings during the fourth quarter worth approximately $276,328,000. FMR LLC boosted its holdings in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Baillie Gifford & Co. bought a new stake in shares of DraftKings during the fourth quarter worth approximately $246,765,000. Finally, Eminence Capital LP bought a new stake in shares of DraftKings during the fourth quarter worth approximately $65,255,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on DKNG shares. TD Cowen reduced their price objective on DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. TD Securities reduced their price objective on DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. boosted their price objective on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Citigroup reduced their price objective on DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a report on Friday, April 25th. Two analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.04.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the sale, the insider now owns 4,155,130 shares of the company’s stock, valued at approximately $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. The trade was a 16.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,691,079 shares of company stock valued at $111,885,917. 47.08% of the stock is currently owned by insiders.

DraftKings Stock Down 4.3%

Shares of DKNG opened at $36.61 on Friday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a market cap of $32.33 billion, a P/E ratio of -34.54, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $35.28 and a two-hundred day simple moving average of $39.29.

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

DraftKings 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.