Blair William & Co. IL Raises Stake in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Blair William & Co. IL significantly increased its stake in DraftKings by 2,857%, acquiring a total of 561,854 shares, now valued at approximately $18.7 million.
• Insider R Stanton Dodge sold over 105,000 shares on July 18th, reducing their ownership by 17.43%, while a total of 536,627 shares have been sold by insiders over the past 90 days.
• DraftKings received positive ratings from various analysts, with a consensus price target of $54.38 and twenty-seven buy ratings issued among them, showcasing strong market confidence.

Blair William & Co. IL increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2,857.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 561,854 shares of the company's stock after buying an additional 542,853 shares during the period. Blair William & Co. IL owned 0.06% of DraftKings worth $18,659,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Bank of Nova Scotia increased its position in shares of DraftKings by 32.3% during the first quarter. Bank of Nova Scotia now owns 13,416 shares of the company's stock worth $446,000 after acquiring an additional 3,273 shares during the period. PNC Financial Services Group Inc. grew its stake in DraftKings by 21.5% in the first quarter. PNC Financial Services Group Inc. now owns 43,315 shares of the company's stock worth $1,438,000 after purchasing an additional 7,652 shares in the last quarter. Commerce Bank increased its holdings in DraftKings by 32.0% during the 1st quarter. Commerce Bank now owns 30,053 shares of the company's stock worth $998,000 after purchasing an additional 7,280 shares during the period. Bank of Jackson Hole Trust bought a new stake in DraftKings during the 1st quarter valued at $31,000. Finally, Natixis Advisors LLC lifted its holdings in shares of DraftKings by 55.8% in the 1st quarter. Natixis Advisors LLC now owns 70,367 shares of the company's stock worth $2,337,000 after buying an additional 25,191 shares during the period. Institutional investors own 37.70% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on DKNG shares. Benchmark restated a "buy" rating and issued a $50.00 price objective (up from $45.00) on shares of DraftKings in a report on Tuesday, July 15th. Northland Securities set a $50.00 price target on shares of DraftKings in a research report on Friday, April 25th. Cowen reissued a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Sanford C. Bernstein initiated coverage on DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 target price for the company. Finally, JMP Securities cut their price target on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and a consensus target price of $54.37.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $0.42 during midday trading on Wednesday, reaching $45.36. 14,736,179 shares of the company's stock traded hands, compared to its average volume of 8,122,427. The company has a fifty day simple moving average of $40.94 and a two-hundred day simple moving average of $39.33. DraftKings Inc. has a 1 year low of $29.29 and a 1 year 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.

Insider Activity at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of DraftKings 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 sale, the insider directly owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director directly owned 5,947 shares of the company's stock, valued at approximately $209,810.16. This represents a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock worth $20,843,217 in the last quarter. Company insiders own 51.19% of the company's stock.

DraftKings 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.