Teacher Retirement System of Texas Acquires Shares of 64,142 DraftKings Inc. (NASDAQ:DKNG)

Teacher Retirement System of Texas bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 64,142 shares of the company's stock, valued at approximately $2,130,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the fourth quarter worth about $25,000. FNY Investment Advisers LLC purchased a new stake in DraftKings during the 1st quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings during the 1st quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings in the 4th quarter valued at approximately $28,000. Finally, GPS Wealth Strategies Group LLC grew its stake in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after acquiring an additional 564 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on DKNG shares. Morgan Stanley increased their price objective on DraftKings from $51.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday. Truist Financial cut their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price target on the stock. Cowen reissued a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Finally, JMP Securities cut their target price on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $53.93.

Insider Buying and Selling at DraftKings

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the transaction, the chief financial officer directly owned 171,268 shares of the company's stock, valued at $6,297,524.36. The trade was a 3.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the transaction, the insider directly owned 4,155,130 shares in the company, valued at $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 536,627 shares of company stock valued at $19,748,622. Insiders own 51.19% of the company's stock.

DraftKings Stock Performance

Shares of DraftKings stock traded down $1.59 during trading on Friday, reaching $42.98. The company's stock had a trading volume of 7,198,233 shares, compared to its average volume of 9,715,326. The company has a 50-day moving average price of $37.91 and a two-hundred day moving average price of $38.58. The firm has a market cap of $38.22 billion, a PE ratio of -51.78, a P/E/G ratio of 1.34 and a beta of 1.67. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

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.