Braun Stacey Associates Inc. lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 75.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 75,630 shares of the company's stock after selling 226,780 shares during the period. Braun Stacey Associates Inc.'s holdings in DraftKings were worth $2,512,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in DraftKings by 27.0% during the 1st quarter. Bank of New York Mellon Corp now owns 1,472,974 shares of the company's stock worth $48,917,000 after acquiring an additional 313,128 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new position in DraftKings during the 1st quarter worth approximately $515,000. Huntleigh Advisors Inc. grew its holdings in DraftKings by 7.3% during the 1st quarter. Huntleigh Advisors Inc. now owns 41,020 shares of the company's stock worth $1,362,000 after acquiring an additional 2,793 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in DraftKings by 9.3% during the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock worth $2,781,000 after acquiring an additional 7,147 shares in the last quarter. Finally, Cohen Investment Advisors LLC grew its holdings in DraftKings by 3.2% during the 1st quarter. Cohen Investment Advisors LLC now owns 74,259 shares of the company's stock worth $2,466,000 after acquiring an additional 2,310 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
DraftKings Stock Performance
DraftKings stock traded down $0.65 during trading hours on Friday, reaching $40.68. 6,794,721 shares of the stock were exchanged, compared to its average volume of 9,709,037. The stock has a market cap of $36.17 billion, a P/E ratio of -49.01, a P/E/G ratio of 1.05 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The firm's 50 day moving average is $37.16 and its 200 day moving average is $38.48.
Insider Activity
In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction 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. This represents a 4.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider owned 504,381 shares of the company's stock, valued at approximately $19,670,859. The trade was a 23.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock worth $19,748,622 in the last 90 days. Corporate insiders own 47.08% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts have commented on the stock. BMO Capital Markets reiterated an "outperform" rating and set a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. JMP Securities reduced their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Bank of America reduced their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, May 9th. BTIG Research reduced their price objective on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Macquarie reduced their price objective on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and an average price target of $53.90.
Check Out Our Latest Analysis on DraftKings
DraftKings Profile
(
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.
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