Tremblant Capital Group Increases Stock Position in DraftKings Inc. $DKNG

Tremblant Capital Group grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 628,054 shares of the company’s stock after purchasing an additional 39,087 shares during the period. DraftKings makes up about 2.4% of Tremblant Capital Group’s holdings, making the stock its 20th biggest position. Tremblant Capital Group’s holdings in DraftKings were worth $23,489,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of DKNG. Norges Bank acquired a new stake in shares of DraftKings in the 2nd quarter valued at approximately $362,554,000. Brown Advisory Inc. grew its holdings in DraftKings by 53,272.1% during the second quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company’s stock worth $173,974,000 after acquiring an additional 4,048,680 shares during the period. AQR Capital Management LLC grew its holdings in DraftKings by 52.2% during the second quarter. AQR Capital Management LLC now owns 7,147,665 shares of the company’s stock worth $306,563,000 after acquiring an additional 2,451,421 shares during the period. Columbus Hill Capital Management L.P. raised its position in DraftKings by 1,379.5% in the second quarter. Columbus Hill Capital Management L.P. now owns 1,183,580 shares of the company’s stock worth $50,764,000 after acquiring an additional 1,103,580 shares in the last quarter. Finally, Bamco Inc. NY raised its position in DraftKings by 33.9% in the second quarter. Bamco Inc. NY now owns 3,670,460 shares of the company’s stock worth $157,426,000 after acquiring an additional 929,997 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other news, CAO Erik Bradbury sold 2,883 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were 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. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 484,417 shares of DraftKings stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the transaction, the insider owned 213,597 shares of the company’s stock, valued at $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 547,345 shares of company stock worth $14,111,660 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on DKNG. UBS Group restated a “buy” rating on shares of DraftKings in a research report on Wednesday, January 7th. Morgan Stanley reduced their price objective on shares of DraftKings from $53.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, February 24th. Wells Fargo & Company reissued an “overweight” rating on shares of DraftKings in a report on Tuesday, March 3rd. JPMorgan Chase & Co. lowered their target price on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 17th. Finally, Zacks Research cut shares of DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.19.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $25.87 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. The company’s 50-day moving average price is $27.88 and its 200 day moving average price is $33.35. 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 $12.75 billion, a price-to-earnings ratio of -646.75, a PEG ratio of 1.05 and a beta of 1.67.

About DraftKings

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.