Bastion Asset Management Inc. Takes $1.20 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Bastion Asset Management Inc. has acquired a new stake in DraftKings Inc. worth approximately $1.20 million, purchasing 33,367 shares during the first quarter.
• Multiple institutional investors, including Raiffeisen Bank International AG and FNY Investment Advisers LLC, have also recently increased their positions or made new investments in DraftKings.
• Analysts have a consensus rating of "Moderate Buy" for DraftKings with an average price target of $54.38, despite some recent decreases in individual analysts' price targets.

Bastion Asset Management Inc. purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 33,367 shares of the company's stock, valued at approximately $1,204,000.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DKNG shares. BTIG Research cut their price target on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley reaffirmed an "overweight" rating and set a $52.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. JPMorgan Chase & Co. started coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. Mizuho cut their price target on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Finally, Guggenheim lowered their target price on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $54.38.

DraftKings Stock Performance

DKNG stock opened at $44.86 on Friday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The stock has a market cap of $39.89 billion, a P/E ratio of -54.05, a P/E/G ratio of 1.48 and a beta of 1.67. The firm has a 50 day simple moving average of $39.68 and a 200 day simple moving average of $39.07. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

Insider Transactions at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the business's stock in a transaction dated Friday, May 16th. The stock was 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. The trade was a 3.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director directly owned 5,947 shares in the company, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 589,404 shares of company stock worth $22,639,746. 51.19% of the stock is 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.

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