Entropy Technologies LP Invests $2.86 Million in DraftKings Inc. (NASDAQ:DKNG)

Entropy Technologies LP bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 76,748 shares of the company’s stock, valued at approximately $2,855,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DKNG. Principal Financial Group Inc. raised its holdings in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock worth $9,203,000 after purchasing an additional 29,991 shares during the period. Mizuho Securities USA LLC bought a new stake in shares of DraftKings in the 3rd quarter worth approximately $28,028,000. Janney Montgomery Scott LLC raised its holdings 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 purchasing an additional 128,676 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of DraftKings by 2.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,175,255 shares of the company’s stock worth $124,470,000 after purchasing an additional 86,336 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of DraftKings by 238.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 496,971 shares of the company’s stock worth $19,481,000 after purchasing an additional 350,215 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 228,496 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $39.00, for a total value of $7,800,000.00. Following the completion of the sale, the insider now directly owns 1,342,722 shares in the company, valued at approximately $52,366,158. This represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 963,742 shares of company stock valued at $38,082,888 over the last three months. Corporate insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. JMP Securities lowered their target price on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating on the stock in a report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Friday. Morgan Stanley boosted their target price on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, TD Cowen lowered their target price on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.92.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $42.28 on Friday. The company has a market cap of $20.62 billion, a price-to-earnings ratio of -48.04, a price-to-earnings-growth ratio of 3.18 and a beta of 1.93. The company has a 50-day moving average price of $40.35 and a 200-day moving average price of $38.39. 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 12 month low of $28.69 and a 12 month high of $49.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) 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 the consensus estimate of $1.12 billion. As a group, equities analysts anticipate that DraftKings Inc. will post -0.95 EPS for the current year.

DraftKings Company 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.