DAVENPORT & Co LLC Boosts Stock Position in DraftKings Inc. $DKNG

DAVENPORT & Co LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 11.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,456,735 shares of the company’s stock after purchasing an additional 348,333 shares during the quarter. DAVENPORT & Co LLC’s holdings in DraftKings were worth $119,602,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Assenagon Asset Management S.A. raised its stake in shares of DraftKings by 1,819.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 330,565 shares of the company’s stock worth $11,391,000 after acquiring an additional 313,339 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in DraftKings by 3.1% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 19,216 shares of the company’s stock valued at $662,000 after acquiring an additional 570 shares during the last quarter. Dagco Inc. acquired a new stake in DraftKings in the fourth quarter valued at approximately $26,000. True Wealth Design LLC boosted its stake in DraftKings by 32.3% in the fourth quarter. True Wealth Design LLC now owns 3,948 shares of the company’s stock valued at $136,000 after acquiring an additional 964 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC grew its holdings in DraftKings by 50.5% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 31,836 shares of the company’s stock worth $1,154,000 after purchasing an additional 10,687 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting DraftKings

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 Stock Performance

DKNG opened at $23.31 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.91. DraftKings Inc. has a 12-month low of $21.01 and a 12-month high of $48.78. The firm has a 50 day moving average of $26.39 and a two-hundred day moving average of $32.01. The firm has a market capitalization of $11.49 billion, a PE ratio of -582.75, a P/E/G ratio of 0.96 and a beta of 1.67.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DKNG. Morgan Stanley reduced their price target on DraftKings from $53.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 24th. JPMorgan Chase & Co. dropped their target price on DraftKings from $41.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 17th. 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. Mizuho decreased their price target on DraftKings from $46.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, February 17th. Finally, Rothschild & Co Redburn set a $35.00 price target on DraftKings in a report on Friday, January 30th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $37.09.

Insider Transactions at DraftKings

In other DraftKings news, CAO Erik Bradbury sold 2,883 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total value of $70,806.48. Following the sale, the chief accounting officer directly owned 38,168 shares of the company’s stock, valued at approximately $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 2,150 shares of the 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 sale, the director directly owned 1,406 shares in the company, valued at $35,993.60. This represents a 60.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 549,495 shares of company stock valued at $14,166,700. 47.08% of the stock is owned by corporate insiders.

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.