The cluster is directionally bullish but small in scale (~0.06% of market cap). The lack of insider buying (divergent 13F × Form 4 score) reduces conviction. Monitor for additional 13F filings from larger holders in the next cycle and watch for insider open-market purchases as a confirming signal. The 67% win rate on prior DKNG reports supports modest bullish positioning, but the $6.5M net inflow is unlikely to move the stock independently.
Executive Summary
A cluster of 5 institutional buyers added $8.3M in net new DraftKings positions during 2026-Q2, while 2 sellers trimmed $1.8M. The buying is concentrated among asset managers increasing positions by 30-82%, with Wealth Enhancement Advisory Services leading at a $5.3M addition. The cluster is active-manager dominated, suggesting a shared thesis around DraftKings' market position in online sports betting, though the aggregate dollar amounts are modest relative to the $11.8B market cap. The 13F × Form 4 confluence score is low (18/100, divergent), indicating no insider buying to corroborate the institutional accumulation, which tempers conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $6.5M
▲ Buyers (5)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Wealth Enhancement Advisory Services | ADD | +69.7% | $11.6M | $5.3M |
| Merit Financial Group | ADD | +82% | $3.1M | $1.6M |
| Qrg Capital Management | ADD | +30.6% | $1.7M | $570.0K |
| Robeco Institutional Asset Management B.v. | ADD | +76.5% | $1.3M | $681.0K |
| Farther Finance Advisors | ADD | +59.8% | $340.0K | $153.0K |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | TRIM | -42.6% | $5.1M | -$1.7M |
| Sequoia Financial Advisors | TRIM | -33.9% | $554.0K | -$126.4K |
Key Facts
- 5 institutional buyers added $8.3M net to DraftKings positions in 2026-Q2
- Wealth Enhancement Advisory Services increased its stake by 69.7% ($5.3M addition)
- 2 sellers trimmed $1.8M, led by Assenagon Asset Management reducing 42.6% of its position
- All 5 buyers are active asset managers, not passive/index funds
- No insider open-market buying to corroborate the institutional cluster
Financial Impact
5 institutions accumulated $8.3M in net new positions while 2 reduced holdings by $1.8M, for a net institutional inflow of approximately $6.5M
Risk Factors
- 13F data is 45+ days stale; positions may have been unwound since quarter-end
- No insider buying to corroborate the institutional thesis
- Cluster size is small relative to $11.8B market cap, limiting price impact potential
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-DKNG-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Court Ruling | $23.44 $19.00 | ▼ −18.94% | ▼ −19.26% | — |
Aug 20, 2026 6w ago | Court Ruling | $25.03 $21.75 | ▼ −13.10% | ▼ −13.10% | — |
Aug 19, 2026 6w ago | 144 | $25.31 $22.47 | ▼ −11.22% | ▼ −9.27% | — |
Aug 7, 2026 8w ago | 8-K | $24.03 $24.01 | ▲ +0.08% | ▼ −0.31% | — |
Aug 6, 2026 8w ago | Court Ruling | $22.17 $24.19 | ▲ +9.11% | ▲ +8.51% | — |
Jul 29, 2026 9w ago | Court Ruling | $24.55 $24.78 | ▲ +0.94% | ▼ −4.08% | — |
Jul 22, 2026 10w ago | Institutional Cluster | $22.83 $25.31 | ▲ +10.86% | ▲ +7.97% | — |
Jun 26, 2026 14w ago | 8-K | $25.80 $23.01 | ▼ −10.81% | ▼ −10.53% | — |
Jun 11, 2026 16w ago | 144 | $29.00 $26.48 | ▼ −8.71% | ▼ −10.49% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $30.02 $26.29 | ▼ −12.43% | ▼ −14.32% | — |
US Market Status
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