Janus Henderson Group PLC Buys 2,351,790 Shares of DraftKings Inc. $DKNG

Janus Henderson Group PLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 9.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 27,665,699 shares of the company’s stock after buying an additional 2,351,790 shares during the period. Janus Henderson Group PLC owned approximately 0.06% of DraftKings worth $588,288,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in DraftKings by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Viking Global Investors LP increased its stake in DraftKings by 27.4% in the 4th quarter. Viking Global Investors LP now owns 19,119,912 shares of the company’s stock worth $658,872,000 after purchasing an additional 4,116,561 shares during the period. Capital World Investors increased its stake in DraftKings by 181.4% in the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after purchasing an additional 12,008,357 shares during the period. AQR Capital Management LLC lifted its position in DraftKings by 41.0% in the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock valued at $567,694,000 after purchasing an additional 4,788,337 shares during the last quarter. Finally, Spruce House Investment Management LLC lifted its position in DraftKings by 129.6% in the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after purchasing an additional 5,446,166 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock opened at $24.55 on Thursday. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The firm has a market cap of $12.18 billion, a P/E ratio of 409.17 and a beta of 1.65. The business’s 50 day moving average price is $25.60 and its 200-day moving average price is $25.45.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the company earned ($0.07) EPS. DraftKings’s revenue was up 16.8% compared to the same quarter last year. On average, equities research analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DKNG. Stephens began coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “overweight” rating on the stock. BTIG Research upped their price target on shares of DraftKings from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 8th. UBS Group increased their price target on shares of DraftKings from $43.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 5th. Wells Fargo & Company cut their price target on shares of DraftKings from $32.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Finally, Scotiabank upgraded shares of DraftKings to an “outperform” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.37.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 97,596 shares of company stock worth $2,756,991. Insiders own 47.18% of the company’s stock.

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.