Bedell Frazier Investment Counselling LLC Invests $4.49 Million in DraftKings Inc. $DKNG

Bedell Frazier Investment Counselling LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 120,101 shares of the company’s stock, valued at approximately $4,492,000.

Other large investors have also recently added to or reduced their stakes in the company. Rafferty Asset Management LLC increased its stake in DraftKings by 2.7% during the third quarter. Rafferty Asset Management LLC now owns 24,275 shares of the company’s stock valued at $908,000 after purchasing an additional 646 shares during the last quarter. Xponance Inc. boosted its holdings in shares of DraftKings by 2.8% in the 3rd quarter. Xponance Inc. now owns 94,935 shares of the company’s stock valued at $3,551,000 after buying an additional 2,561 shares during the period. Westpac Banking Corp boosted its holdings in shares of DraftKings by 66.3% in the 3rd quarter. Westpac Banking Corp now owns 28,360 shares of the company’s stock valued at $1,061,000 after buying an additional 11,308 shares during the period. Fox Run Management L.L.C. grew its position in shares of DraftKings by 245.6% during the 3rd quarter. Fox Run Management L.L.C. now owns 43,213 shares of the company’s stock valued at $1,616,000 after buying an additional 30,709 shares during the last quarter. Finally, Abbot Financial Management Inc. acquired a new stake in DraftKings during the third quarter worth about $693,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Up 1.5%

DraftKings stock opened at $23.84 on Friday. DraftKings Inc. has a 52 week low of $21.01 and a 52 week high of $48.78. The stock has a market cap of $11.75 billion, a price-to-earnings ratio of -596.00, a PEG ratio of 0.98 and a beta of 1.67. The company’s 50-day moving average price is $29.79 and its two-hundred day moving average price is $34.68. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Arkansas sportsbook license approved — DraftKings secured licensure from the Arkansas Racing Commission to operate its online sportsbook on behalf of Southland Casino Hotel, opening access to ~2 million additional adults and enabling a pending launch once final approvals clear. DraftKings Secures License in Arkansas
• Positive Sentiment: U.S. footprint expands to 30 states — Coverage/market-access reporting highlights that DraftKings now reaches 30 U.S. states, which supports long-term top-line growth prospects from sportsbook and cross-sell opportunities. DraftKings Is Coming to Arkansas
• Neutral Sentiment: Heightened investor attention — Multiple outlets (Zacks, Yahoo) note increased interest from investors and pageviews, which can amplify intraday moves but is not inherently directional. Zacks: DraftKings Attracting Attention
• Neutral Sentiment: Sector/strategy context — Discussion of prediction-market themes and longer-term reassessment pieces frame DraftKings as part of a larger opportunity set; useful for strategic investors but not an immediate catalyst. Fool: Prediction Market Stocks
• Neutral Sentiment: Short-interest data for February shows inconsistent/zeroed figures in public feeds — the data release looks unreliable and doesn’t provide a clear short-pressure signal today. (No link — internal data)
• Negative Sentiment: Class-action lawsuit advances in Massachusetts — A consumer-protection suit challenging how DraftKings ran and disclosed certain high-profile promotions was allowed to proceed on most claims toward class certification and trial, adding legal and reputational risk that could pressure shares. Yahoo: DraftKings Lawsuit Raises Questions
• Negative Sentiment: Analyst price-target trimmed — BTIG lowered its target from $37 to $35 but kept a buy rating; the cut is mildly negative sentiment-wise even though upside remains. Benzinga: BTIG Lowers Target

Insiders Place Their Bets

In related news, CAO Erik Bradbury sold 7,268 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the transaction, the chief accounting officer owned 36,736 shares of the company’s stock, valued at $826,560. This trade represents a 16.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harry Sloan purchased 100,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was acquired at an average price of $21.85 per share, for a total transaction of $2,185,000.00. Following the completion of the transaction, the director owned 350,219 shares of the company’s stock, valued at $7,652,285.15. This represents a 39.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 112,822 shares of company stock worth $3,638,895 over the last ninety days. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on DKNG shares. UBS Group restated a “buy” rating on shares of DraftKings in a research note on Wednesday, January 7th. Wells Fargo & Company set a $30.00 price target on DraftKings in a report on Monday, February 16th. Oppenheimer lowered their price objective on DraftKings from $50.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Canaccord Genuity Group dropped their target price on DraftKings from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Finally, Truist Financial cut their target price on DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Twenty-four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $36.76.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.