DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Cwm LLC

CWM LLC grew its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 40.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,355 shares of the company's stock after purchasing an additional 39,052 shares during the quarter. CWM LLC's holdings in DraftKings were worth $4,495,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DKNG. Janus Henderson Group PLC increased its position in shares of DraftKings by 31,346.8% during 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 last quarter. Norges Bank purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $276,328,000. FMR LLC increased its position in shares of DraftKings by 110.6% during 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 last quarter. Eminence Capital LP purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $65,255,000. Finally, Contrarius Group Holdings Ltd purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $58,397,000. 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 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 transaction, the insider owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock valued at $19,748,622 over the last three months. Company insiders own 51.19% of the company's stock.

DraftKings Price Performance

DKNG stock traded down $0.22 during trading on Friday, reaching $43.72. 4,734,238 shares of the company were exchanged, compared to its average volume of 9,722,724. The company 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 Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The stock's 50 day moving average price is $38.97 and its 200 day moving average price is $38.83. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20.

Analyst Ratings Changes

Several equities analysts have recently weighed in on DKNG shares. Truist Financial lifted their price target on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday. Benchmark reiterated a "buy" rating and issued a $50.00 price target (up from $45.00) on shares of DraftKings in a research report on Tuesday. Morgan Stanley reiterated an "overweight" rating and issued a $52.00 price target (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Cfra Research raised DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Finally, TD Securities dropped their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. One 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 MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.10.

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.