Whetstone Capital Advisors LLC Makes New $4.69 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Whetstone Capital Advisors LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 126,073 shares of the company’s stock, valued at approximately $4,690,000. DraftKings accounts for about 1.5% of Whetstone Capital Advisors LLC’s portfolio, making the stock its 21st largest position.

Several other large investors have also recently made changes to their positions in DKNG. Stonebridge Financial Group LLC purchased a new stake in DraftKings in the fourth quarter valued at approximately $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at $30,000. Synergy Investment Management LLC purchased a new stake in shares of DraftKings in the 4th quarter valued at $37,000. Westpac Banking Corp acquired a new position in DraftKings during the 4th quarter worth about $44,000. Finally, YANKCOM Partnership purchased a new position in DraftKings during the 4th quarter valued at about $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on DKNG shares. Barclays boosted their price target on shares of DraftKings from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Morgan Stanley lifted their price objective on shares of DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Wells Fargo & Company increased their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. TD Cowen dropped their price target on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $55.04.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $47.05, for a total transaction of $27,645,874.25. Following the transaction, the insider now directly owns 4,118,927 shares of the company’s stock, valued at approximately $193,795,515.35. This trade represents a 12.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the sale, the director now directly owns 1,612 shares of the company’s stock, valued at $67,704. The trade was a 67.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,575,525 shares of company stock worth $109,441,446. 47.08% of the stock is owned by insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $34.73 on Friday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market capitalization of $17.36 billion, a P/E ratio of -32.76, a P/E/G ratio of 1.43 and a beta of 2.16. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The company’s fifty day moving average price is $40.25 and its 200 day moving average price is $39.93.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative net margin of 10.64% and a negative return on equity of 48.13%. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

About DraftKings

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.