Raine Capital LLC Trims Stake in DraftKings Inc. $DKNG

Raine Capital LLC trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 40.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 263,445 shares of the company’s stock after selling 175,490 shares during the period. DraftKings comprises 71.3% of Raine Capital LLC’s investment portfolio, making the stock its largest position. Raine Capital LLC owned 0.05% of DraftKings worth $9,853,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new position in shares of DraftKings during the second quarter worth approximately $362,554,000. Brown Advisory Inc. grew its holdings in shares of DraftKings by 53,272.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,056,280 shares of the company’s stock valued at $173,974,000 after purchasing an additional 4,048,680 shares during the last quarter. AQR Capital Management LLC raised its position in DraftKings by 52.2% in the 2nd quarter. AQR Capital Management LLC now owns 7,147,665 shares of the company’s stock worth $306,563,000 after purchasing an additional 2,451,421 shares during the period. Columbus Hill Capital Management L.P. lifted its stake in DraftKings by 1,379.5% in the second quarter. Columbus Hill Capital Management L.P. now owns 1,183,580 shares of the company’s stock worth $50,764,000 after purchasing an additional 1,103,580 shares during the last quarter. Finally, Bamco Inc. NY lifted its stake in DraftKings by 33.9% in the second quarter. Bamco Inc. NY now owns 3,670,460 shares of the company’s stock worth $157,426,000 after purchasing an additional 929,997 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the transaction, the insider owned 500,000 shares in the company, valued at $16,005,000. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Erik Bradbury sold 7,268 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $22.50, for a total transaction of $163,530.00. Following the completion of the sale, the chief accounting officer owned 36,736 shares of the company’s stock, valued at $826,560. This trade represents a 16.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 112,822 shares of company stock valued at $3,638,895. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DKNG. Susquehanna set a $33.00 price objective on DraftKings in a research note on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft set a $26.00 price target on DraftKings in a research note on Tuesday, February 17th. Barclays dropped their price objective on DraftKings from $44.00 to $37.00 and set an “overweight” rating for the company in a research note on Tuesday, February 17th. Truist Financial decreased their target price on shares of DraftKings from $45.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Finally, Mizuho lowered their price target on shares of DraftKings from $46.00 to $44.00 and set an “outperform” rating for the company in a report on Tuesday, February 17th. Twenty-four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.76.

DraftKings Price Performance

Shares of DraftKings stock opened at $23.84 on Friday. The business has a 50 day moving average of $29.79 and a 200 day moving average of $34.68. DraftKings Inc. has a 52 week low of $21.01 and a 52 week high of $48.78. The company has a market cap of $11.75 billion, a PE ratio of -596.00, a P/E/G ratio of 0.98 and a beta of 1.67. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.91.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Arkansas sportsbook license approved — DraftKings secured licensure from the Arkansas Racing Commission to operate its online sportsbook on behalf of Southland Casino Hotel, opening access to ~2 million additional adults and enabling a pending launch once final approvals clear. DraftKings Secures License in Arkansas
• Positive Sentiment: U.S. footprint expands to 30 states — Coverage/market-access reporting highlights that DraftKings now reaches 30 U.S. states, which supports long-term top-line growth prospects from sportsbook and cross-sell opportunities. DraftKings Is Coming to Arkansas
• Neutral Sentiment: Heightened investor attention — Multiple outlets (Zacks, Yahoo) note increased interest from investors and pageviews, which can amplify intraday moves but is not inherently directional. Zacks: DraftKings Attracting Attention
• Neutral Sentiment: Sector/strategy context — Discussion of prediction-market themes and longer-term reassessment pieces frame DraftKings as part of a larger opportunity set; useful for strategic investors but not an immediate catalyst. Fool: Prediction Market Stocks
• Neutral Sentiment: Short-interest data for February shows inconsistent/zeroed figures in public feeds — the data release looks unreliable and doesn’t provide a clear short-pressure signal today. (No link — internal data)
• Negative Sentiment: Class-action lawsuit advances in Massachusetts — A consumer-protection suit challenging how DraftKings ran and disclosed certain high-profile promotions was allowed to proceed on most claims toward class certification and trial, adding legal and reputational risk that could pressure shares. Yahoo: DraftKings Lawsuit Raises Questions
• Negative Sentiment: Analyst price-target trimmed — BTIG lowered its target from $37 to $35 but kept a buy rating; the cut is mildly negative sentiment-wise even though upside remains. Benzinga: BTIG Lowers Target

DraftKings Profile

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.