Capital Investment Advisory Services LLC Makes New $515,000 Investment in DraftKings Inc. (NASDAQ:DKNG)

Capital Investment Advisory Services LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 15,501 shares of the company's stock, valued at approximately $515,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its stake in shares of DraftKings by 18.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock valued at $90,558,000 after acquiring an additional 434,525 shares during the period. Kentucky Retirement Systems purchased a new stake in DraftKings during the 1st quarter worth approximately $1,026,000. Scholtz & Company LLC purchased a new stake in DraftKings during the 4th quarter worth approximately $1,806,000. Whale Rock Capital Management LLC increased its stake in DraftKings by 9.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after buying an additional 416,881 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in DraftKings by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock worth $120,576,000 after buying an additional 66,042 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.19 during midday trading on Monday, hitting $40.58. The stock had a trading volume of 8,147,002 shares, compared to its average volume of 9,702,788. The company has a market capitalization of $36.09 billion, a PE ratio of -48.89, a P/E/G ratio of 1.05 and a beta of 1.67. The stock has a 50 day moving average price of $37.16 and a two-hundred day moving average price of $38.48. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

Insider Activity

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer owned 171,268 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated 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 sale, the insider directly owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. The trade was a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock worth $19,748,622 in the last ninety days. 47.08% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Barclays cut their target price on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Monday, May 12th. Morgan Stanley dropped their price objective on shares of DraftKings from $53.00 to $51.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. TD Securities dropped their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. BTIG Research dropped their price objective on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, Cowen reissued a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.90.

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.