Kornitzer Capital Management Inc. KS Purchases New Shares in DraftKings Inc. (NASDAQ:DKNG)

Kornitzer Capital Management Inc. KS acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 223,000 shares of the company’s stock, valued at approximately $8,742,000.

Several other hedge funds have also modified their holdings of DKNG. LRI Investments LLC purchased a new position in DraftKings during the first quarter worth approximately $31,000. Alta Advisers Ltd purchased a new stake in DraftKings in the 2nd quarter worth $38,000. Redwood Wealth Management Group LLC purchased a new stake in DraftKings in the 2nd quarter worth $39,000. St. Johns Investment Management Company LLC acquired a new position in DraftKings during the second quarter worth $46,000. Finally, V Square Quantitative Management LLC purchased a new position in DraftKings during the third quarter valued at $46,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the completion of the sale, the insider now directly owns 137,308 shares of the company’s stock, valued at $5,662,581.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,020,536 shares of company stock valued at $39,966,465 over the last ninety days. Insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on DKNG shares. The Goldman Sachs Group reduced their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Bank of America lowered their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company increased their price objective on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Stifel Nicolaus reaffirmed a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $51.00 target price on shares of DraftKings in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $50.22.

DraftKings Stock Performance

Shares of DraftKings stock opened at $38.98 on Friday. The firm has a market capitalization of $34.25 billion, a P/E ratio of -43.80 and a beta of 1.82. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $49.57. The firm’s 50 day moving average is $37.45 and its two-hundred day moving average is $37.94.

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.