Allegiance Financial Group Advisory Services LLC Takes $243,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Allegiance Financial Group Advisory Services LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,319 shares of the company's stock, valued at approximately $243,000.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after acquiring an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock valued at $690,791,000 after acquiring an additional 707,504 shares in the last quarter. FMR LLC raised its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after acquiring an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC raised its holdings in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after acquiring an additional 89,988 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DKNG. Morgan Stanley reaffirmed an "overweight" rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. Cfra Research raised DraftKings to a "moderate buy" rating in a report on Monday, April 14th. BTIG Research lowered their price target on DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Guggenheim lowered their price target on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Sanford C. Bernstein initiated coverage on DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.10.

DraftKings Trading Down 0.5%

Shares of NASDAQ DKNG traded down $0.22 during trading on Friday, reaching $43.72. The company had a trading volume of 4,734,238 shares, compared to its average volume of 9,722,724. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The company's fifty day moving average price is $38.97 and its 200-day moving average price is $38.83. The stock has a market cap of $38.88 billion, a P/E ratio of -52.67, a PEG ratio of 1.38 and a beta of 1.67.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock worth $19,748,622 in the last quarter. 51.19% of the stock is currently owned by company insiders.

About DraftKings

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.