DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,780 shares of the company's stock after selling 25,471 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in DraftKings were worth $3,380,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the fourth quarter valued at about $25,000. FNY Investment Advisers LLC purchased a new position in DraftKings during the 1st quarter valued at about $26,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the 4th quarter valued at about $28,000. GPS Wealth Strategies Group LLC raised its holdings in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after purchasing an additional 317 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

DKNG stock traded down $0.67 during midday trading on Wednesday, reaching $41.32. The stock had a trading volume of 14,248,416 shares, compared to its average volume of 9,684,725. DraftKings Inc. has a 52-week low of $28.69 and a 52-week 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. The company's fifty day simple moving average is $36.89 and its 200 day simple moving average is $38.48. The company has a market cap of $36.75 billion, a price-to-earnings ratio of -49.78, a price-to-earnings-growth ratio of 1.08 and a beta of 1.67.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. Northland Securities set a $50.00 price objective on DraftKings in a research note on Friday, April 25th. Cfra Research upgraded DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Finally, BTIG Research reduced their target price on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. 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.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.14.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider directly owned 504,381 shares of the company's stock, valued at $19,670,859. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the company'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 value of $110,638.08. Following the completion of the sale, the director owned 5,947 shares of the company's stock, valued at $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock worth $19,748,622 in the last 90 days. 51.19% of the stock is currently owned by insiders.

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.