Allen Capital Group LLC Acquires New Shares in DraftKings Inc. (NASDAQ:DKNG)

Allen Capital Group LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 8,954 shares of the company's stock, valued at approximately $297,000.

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

DraftKings Stock Performance

Shares of DraftKings stock traded down $0.22 during midday trading on Friday, hitting $43.72. The company had a trading volume of 4,734,238 shares, compared to its average volume of 9,707,398. The stock has a market cap of $38.88 billion, a PE ratio of -52.67, a P/E/G ratio of 1.39 and a beta of 1.67. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The business's 50 day simple moving average is $38.97 and its two-hundred day simple moving average is $38.82. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on DKNG shares. Truist Financial increased their price objective on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday. Stifel Nicolaus cut their price target on DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a research note on Wednesday. Mizuho dropped their price objective on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Cfra Research raised DraftKings to a "moderate buy" rating in a report on Monday, April 14th. Finally, TD Securities lowered their price target on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.10.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the transaction, the insider owned 4,155,130 shares in the company, valued at $157,188,567.90. The trade was a 4.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction dated 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 owned 171,268 shares in the company, valued at $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock valued at $19,748,622 in the last ninety days. Insiders own 51.19% of the company's stock.

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.