Cerity Partners LLC raised its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 520.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,373 shares of the company's stock after purchasing an additional 85,877 shares during the quarter. Cerity Partners LLC's holdings in DraftKings were worth $3,400,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after acquiring an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in DraftKings by 4.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock valued at $690,791,000 after acquiring an additional 707,504 shares during the period. FMR LLC boosted its stake in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after acquiring an additional 7,150,382 shares during the period. Janus Henderson Group PLC boosted its stake in DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after acquiring an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC boosted its stake in DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after acquiring an additional 89,988 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on DKNG shares. Bank of America cut their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Stifel Nicolaus dropped their target price on DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a report on Wednesday. Cfra Research raised DraftKings to a "moderate buy" rating in a report on Monday, April 14th. Mizuho dropped their target price on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Finally, Northland Securities set a $50.00 target price on DraftKings in a report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.10.
View Our Latest Stock Analysis on DKNG
Insider Activity
In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the sale, the chief financial officer owned 171,268 shares of the company's stock, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 536,627 shares of company stock worth $19,748,622. Corporate insiders own 51.19% of the company's stock.
DraftKings Stock Performance
Shares of NASDAQ DKNG traded down $0.22 during mid-day trading on Friday, hitting $43.72. The company had a trading volume of 4,734,238 shares, compared to its average volume of 9,722,724. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The business's 50-day simple moving average is $38.97 and its 200-day simple moving average is $38.83. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market cap of $38.88 billion, a P/E ratio of -52.67, a PEG ratio of 1.38 and a beta of 1.67.
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.
Read More
Before you consider DraftKings, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DraftKings wasn't on the list.
While DraftKings currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
