Fred Alger Management LLC Lowers Stock Holdings in DraftKings Inc. $DKNG

Fred Alger Management LLC lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 77.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 317,948 shares of the company’s stock after selling 1,091,127 shares during the period. Fred Alger Management LLC’s holdings in DraftKings were worth $11,891,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Nordea Investment Management AB boosted its stake in DraftKings by 1,996.2% in 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 in the last quarter. Massachusetts Financial Services Co. MA grew its position in DraftKings by 1.1% during 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 last quarter. Swiss National Bank raised its stake in shares of DraftKings by 10.0% during the second quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock worth $58,415,000 after acquiring an additional 124,200 shares in the last quarter. 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. Finally, 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. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 484,417 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $25.16, for a total transaction of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares in the company, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 2,150 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director directly owned 1,406 shares in the company, valued at $35,993.60. The trade was a 60.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 549,495 shares of company stock worth $14,166,700. 47.08% of the stock is currently owned by insiders.

DraftKings Trading Down 3.7%

NASDAQ:DKNG opened at $24.90 on Tuesday. The company has a fifty day moving average of $27.66 and a 200 day moving average of $32.99. DraftKings Inc. has a 52 week low of $21.01 and a 52 week high of $48.78. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91. The firm has a market capitalization of $12.28 billion, a P/E ratio of -622.50, a P/E/G ratio of 1.06 and a beta of 1.67.

More DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Bernstein reiterated an “Outperform” rating and nudged its price target higher (from $28 to $30), reinforcing bullish analyst conviction around DraftKings’ expansion prospects and supporting longer‑term upside. Bernstein Remains Bullish on DraftKings
• Positive Sentiment: DraftKings’ strategic relationship with ESPN appears to be deepening and the company is evaluating federal rule changes — developments that could expand distribution and product reach if regulatory shifts are favorable. DraftKings Weighs Federal Rule Shift As ESPN Tie Up Deepens
• Neutral Sentiment: Brokerage consensus remains around a “Moderate Buy,” reflecting steady but not unanimous bullishness from analysts; this keeps expectations tempered rather than amplifying volatility. DraftKings Receives Average Recommendation of “Moderate Buy”
• Neutral Sentiment: Market commentary is focused on whether current pricing fairly reflects DraftKings’ recent volatility and growth outlook — recent short‑term gains contrast with weaker year‑to‑date/one‑year returns, leaving valuation debates unresolved. Is DraftKings Pricing Reflect Its Recent Volatility And Growth Prospects
• Negative Sentiment: UBS trimmed its price target from $53 to $43 while keeping a “buy” rating — a notable downward revision that reduces implied upside and can weigh on sentiment even though the rating stayed positive. UBS Lowers DraftKings Price Target
• Negative Sentiment: Director Jocelyn Moore sold 2,150 shares (disclosed in an SEC filing), reducing her holding by ~60% — an insider sale that investors often read as a negative signal about near‑term insider conviction. Director Jocelyn Moore Sells Shares

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. Zacks Research lowered shares of DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Rothschild & Co Redburn set a $35.00 price target on shares of DraftKings in a research note on Friday, January 30th. Citigroup restated a “market outperform” rating on shares of DraftKings in a research report on Tuesday, February 24th. Jefferies Financial Group set a $46.00 price objective on DraftKings in a research note on Tuesday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft set a $26.00 price objective on DraftKings in a report on Tuesday, February 17th. Twenty-five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.09.

DraftKings Company 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.