Allianz Asset Management GmbH reduced its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 65.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,083 shares of the company's stock after selling 15,371 shares during the quarter. Allianz Asset Management GmbH's holdings in DraftKings were worth $268,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings in the fourth quarter worth approximately $28,000. FNY Investment Advisers LLC bought a new stake in DraftKings in the first quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the first quarter worth approximately $27,000. Finally, GPS Wealth Strategies Group LLC increased its holdings in 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 purchasing an additional 564 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.
DraftKings Stock Down 2.9%
Shares of NASDAQ:DKNG opened at $43.73 on Monday. The stock has a market cap of $38.89 billion, a price-to-earnings ratio of -52.69, a PEG ratio of 1.47 and a beta of 1.70. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The business's 50 day moving average is $40.55 and its 200 day moving average is $39.25.
Insider Buying and Selling
In related news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director owned 5,947 shares of the company's stock, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction 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 completion of the transaction, the insider directly owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock worth $20,843,217 in the last ninety days. Corporate insiders own 47.08% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on DKNG. Truist Financial lifted their target price on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Barclays set a $51.00 target price on DraftKings and gave the stock an "overweight" rating in a report on Friday, July 18th. Cowen reiterated a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Mizuho lowered their target price on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, DraftKings has an average rating of "Moderate Buy" and an average target price of $54.38.
Get Our Latest Stock Analysis on DKNG
About DraftKings
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG - Free Report).
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