Sora Investors LLC Buys Shares of 50,585 DraftKings Inc. (NASDAQ:DKNG)

Sora Investors LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 50,585 shares of the company’s stock, valued at approximately $1,983,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mizuho Securities USA LLC acquired a new stake in DraftKings in the third quarter worth about $28,028,000. Janney Montgomery Scott LLC lifted its stake in shares of DraftKings by 51.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 378,227 shares of the company’s stock worth $14,826,000 after acquiring an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of DraftKings by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock valued at $124,470,000 after acquiring an additional 86,336 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of DraftKings by 238.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock valued at $19,481,000 after acquiring an additional 350,215 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of DraftKings by 14.6% during the third quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after acquiring an additional 29,991 shares during the period. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on DKNG shares. Truist Financial reaffirmed a “buy” rating and set a $50.00 price target on shares of DraftKings in a research note on Wednesday, August 14th. BMO Capital Markets restated an “outperform” rating and set a $48.00 price objective on shares of DraftKings in a research report on Wednesday, October 16th. Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a report on Monday, October 7th. Mizuho raised their target price on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. upped their price target on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.04.

Insiders Place Their Bets

In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at approximately $70,034,016.03. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the completion of the transaction, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 735,246 shares of company stock valued at $29,902,158 over the last ninety days. Corporate insiders own 51.19% of the company’s stock.

DraftKings Trading Up 0.2 %

NASDAQ DKNG opened at $44.84 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $49.57. The firm’s fifty day simple moving average is $39.69 and its 200-day simple moving average is $37.95. The company has a market capitalization of $39.49 billion, a PE ratio of -50.95 and a beta of 1.87.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.79 earnings per share for the current fiscal year.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.