Cohen Investment Advisors LLC Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Cohen Investment Advisors LLC grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 251.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 253,025 shares of the company's stock after acquiring an additional 181,076 shares during the period. Cohen Investment Advisors LLC's holdings in DraftKings were worth $8,403,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of DKNG. Amalgamated Bank raised its position in DraftKings by 1.1% during the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company's stock valued at $1,113,000 after purchasing an additional 327 shares in the last quarter. National Pension Service increased its stake in shares of DraftKings by 2.7% during the fourth quarter. National Pension Service now owns 734,200 shares of the company's stock valued at $27,312,000 after buying an additional 19,400 shares during the period. Mn Services Vermogensbeheer B.V. raised its holdings in shares of DraftKings by 2.1% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 168,400 shares of the company's stock valued at $6,264,000 after acquiring an additional 3,500 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of DraftKings by 1.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 77,493 shares of the company's stock valued at $2,883,000 after acquiring an additional 1,245 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in DraftKings in the fourth quarter worth about $2,924,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, 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 of the company's stock, valued at approximately $157,188,567.90. This trade represents a 4.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% 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.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.90 during trading on Tuesday, hitting $41.99. The stock had a trading volume of 11,489,453 shares, compared to its average volume of 9,658,322. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The stock has a market capitalization of $37.34 billion, a price-to-earnings ratio of -50.59, a price-to-earnings-growth ratio of 1.10 and a beta of 1.67. The stock has a 50-day simple moving average of $36.75 and a two-hundred day simple moving average of $38.46.

Analyst Upgrades and Downgrades

A number of research firms have commented on DKNG. TD Securities cut their target price 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. Guggenheim cut their price objective on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Northland Securities set a $50.00 price objective on shares of DraftKings in a research note on Friday, April 25th. Citigroup increased their target price on DraftKings from $55.00 to $58.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.14.

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.