Fernbridge Capital Management LP Makes New $10.47 Million Investment in DraftKings Inc. $DKNG

Fernbridge Capital Management LP purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 279,860 shares of the company’s stock, valued at approximately $10,467,000. DraftKings makes up approximately 0.5% of Fernbridge Capital Management LP’s holdings, making the stock its 24th biggest holding.

Several other institutional investors and hedge funds have also recently made changes to their positions in DKNG. Norges Bank purchased a new stake in DraftKings in the second quarter worth about $362,554,000. Brown Advisory Inc. grew its holdings in DraftKings by 53,272.1% during the 2nd 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 in the last quarter. AQR Capital Management LLC increased its position in DraftKings by 52.2% during the 2nd quarter. AQR Capital Management LLC now owns 7,147,665 shares of the company’s stock valued at $306,563,000 after purchasing an additional 2,451,421 shares during the period. Columbus Hill Capital Management L.P. raised its holdings in shares of DraftKings by 1,379.5% in the 2nd quarter. Columbus Hill Capital Management L.P. now owns 1,183,580 shares of the company’s stock valued at $50,764,000 after purchasing an additional 1,103,580 shares in the last quarter. Finally, Bamco Inc. NY raised its holdings in shares of DraftKings by 33.9% in the 2nd quarter. Bamco Inc. NY now owns 3,670,460 shares of the company’s stock valued at $157,426,000 after purchasing an additional 929,997 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider directly owned 500,000 shares in the company, valued at $16,005,000. The trade was a 9.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Erik Bradbury sold 7,268 shares of the company’s stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $22.50, for a total value of $163,530.00. Following the transaction, the chief accounting officer directly owned 36,736 shares in the company, valued at $826,560. This represents a 16.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 547,345 shares of company stock valued at $14,111,660. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DKNG. BTIG Research set a $35.00 price objective on shares of DraftKings in a research note on Tuesday, March 3rd. Berenberg Bank set a $26.40 target price on DraftKings in a report on Tuesday, February 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 target price on shares of DraftKings in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, January 21st. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of DraftKings in a research report on Tuesday, March 3rd. Twenty-five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $37.19.

DraftKings Trading Up 1.2%

NASDAQ:DKNG opened at $25.87 on Friday. The stock has a market capitalization of $12.75 billion, a price-to-earnings ratio of -646.75, a PEG ratio of 1.05 and a beta of 1.67. 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 50 day moving average of $27.88 and a 200 day moving average of $33.35.

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.