AQR Capital Management LLC Buys 2,451,421 Shares of DraftKings Inc. $DKNG

AQR Capital Management LLC lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 52.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,147,665 shares of the company’s stock after purchasing an additional 2,451,421 shares during the quarter. AQR Capital Management LLC’s holdings in DraftKings were worth $306,563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of DraftKings in the second quarter worth approximately $362,554,000. Brown Advisory Inc. raised its position in shares of DraftKings by 53,272.1% during the second quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company’s stock valued at $173,974,000 after buying an additional 4,048,680 shares during the last quarter. Eminence Capital LP lifted its holdings in shares of DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after buying an additional 3,423,909 shares in the last quarter. Contour Asset Management LLC boosted its position in shares of DraftKings by 129.4% during the first quarter. Contour Asset Management LLC now owns 2,501,703 shares of the company’s stock worth $83,082,000 after acquiring an additional 1,410,977 shares during the last quarter. Finally, Baird Financial Group Inc. grew its stake in DraftKings by 12,299.6% during the first quarter. Baird Financial Group Inc. now owns 1,412,561 shares of the company’s stock valued at $46,911,000 after acquiring an additional 1,401,169 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Up 1.8%

Shares of NASDAQ:DKNG opened at $35.52 on Friday. The company has a market capitalization of $17.68 billion, a PE ratio of -62.32, a P/E/G ratio of 2.89 and a beta of 1.60. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The business’s fifty day simple moving average is $32.33 and its 200-day simple moving average is $38.88.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned ($0.60) EPS. DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the transaction, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. This represents a 6.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry Sloan bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average price of $30.30 per share, with a total value of $757,500.00. Following the completion of the transaction, the director directly owned 249,712 shares of the company’s stock, valued at $7,566,273.60. This trade represents a 11.13% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders sold 166,752 shares of company stock valued at $5,387,153. Company insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Guggenheim cut their price target on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday, November 10th. Mizuho reduced their target price on shares of DraftKings from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, November 13th. Benchmark restated a “buy” rating on shares of DraftKings in a research report on Monday, November 17th. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price target on shares of DraftKings in a research report on Wednesday, November 19th. Finally, Zacks Research downgraded shares of DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.48.

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.