DAVENPORT & Co LLC Buys 348,333 Shares of DraftKings Inc. $DKNG

DAVENPORT & Co LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 11.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,456,735 shares of the company’s stock after purchasing an additional 348,333 shares during the period. DAVENPORT & Co LLC owned 0.69% of DraftKings worth $119,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Nordea Investment Management AB boosted its stake in DraftKings by 1,996.2% during the third quarter. Nordea Investment Management AB now owns 421,127 shares of the company’s stock worth $16,205,000 after buying an additional 401,037 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings by 1.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock valued at $279,494,000 after acquiring an additional 79,152 shares during the period. Citigroup Inc. lifted its holdings in shares of DraftKings by 40.6% in the 3rd quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock worth $72,547,000 after acquiring an additional 560,139 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of DraftKings by 2.9% in the 2nd quarter. Rhumbline Advisers now owns 603,836 shares of the company’s stock worth $25,898,000 after acquiring an additional 17,114 shares during the last quarter. Finally, Bedell Frazier Investment Counselling LLC purchased a new position in shares of DraftKings during the 3rd quarter worth about $4,492,000. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on DKNG shares. BMO Capital Markets increased their price objective on shares of DraftKings from $42.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Wells Fargo & Company restated an “overweight” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Texas Capital upgraded DraftKings to a “hold” rating in a report on Thursday, January 8th. UBS Group decreased their price target on DraftKings from $53.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, March 16th. Finally, BTIG Research restated a “buy” rating and set a $35.00 price objective on shares of DraftKings in a report on Monday. Twenty-five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $37.09.

DraftKings Stock Down 2.7%

NASDAQ:DKNG opened at $23.31 on Wednesday. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. DraftKings Inc. has a 1-year low of $21.01 and a 1-year high of $48.78. The company has a 50-day moving average of $26.39 and a 200 day moving average of $32.01. The firm has a market cap of $11.49 billion, a PE ratio of -582.75, a price-to-earnings-growth ratio of 0.96 and a beta of 1.67.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total value of $1,689,391.77. Following the completion of the transaction, the insider owned 500,000 shares of the company’s stock, valued at $16,005,000. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Erik Bradbury sold 2,883 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the transaction, the chief accounting officer directly owned 38,168 shares of the company’s stock, valued at $937,406.08. This trade represents a 7.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 549,495 shares of company stock worth $14,166,700. Insiders own 47.08% of the company’s stock.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Legislative tailwind: Senators introduced a bill that would ban sports wagering on prediction‑market platforms, which investors view as removing a disruptive competitor and strengthening DraftKings’ regulatory moat — this was the primary catalyst for last session’s rally. Prediction Market Bill Article
• Positive Sentiment: Analyst support: BTIG reaffirmed a “buy” and set a $35 price target, signaling that at least some sell‑side analysts still see meaningful upside from current levels. BTIG Reaffirmation
• Neutral Sentiment: Industry/feature stories: Multiple pieces (Seeking Alpha, Zacks) profile DraftKings’ “super‑app” strategy and prediction‑platform ambitions — useful background on growth potential but not immediate catalysts. Seeking Alpha Super App Zacks Trending Stock
• Neutral Sentiment: Short‑interest notices appear to contain erroneous/zero values across several feeds (reported as 0 shares / 0 days to cover). No reliable evidence of a new, material short squeeze or meaningful short covering pressure based on the provided data.
• Negative Sentiment: Legal risk: The NCAA has sued DraftKings seeking to block use of “March Madness” trademarks, creating a new litigation headline that could produce legal costs, injunction risk or marketing restrictions around a high‑visibility event. That suit is a near‑term negative for sentiment and adds regulatory/legal uncertainty. NCAA Lawsuit

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.