DraftKings Inc. (NASDAQ:DKNG) Stock Position Lowered by Deltec Asset Management LLC

Deltec Asset Management LLC lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 87.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 24,000 shares of the company's stock after selling 171,172 shares during the quarter. Deltec Asset Management LLC's holdings in DraftKings were worth $797,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in DKNG. Vestmark Advisory Solutions Inc. boosted its stake in shares of DraftKings by 27.7% during the fourth quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock worth $4,766,000 after buying an additional 26,164 shares during the period. Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $874,000. Scholtz & Company LLC purchased a new stake in shares of DraftKings during the fourth quarter worth approximately $1,806,000. Whale Rock Capital Management LLC lifted its holdings in shares of DraftKings by 9.2% during the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after purchasing an additional 416,881 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in DraftKings by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock valued at $120,576,000 after buying an additional 66,042 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Activity

In related news, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the transaction, the director now owns 5,947 shares in the company, valued at $209,810.16. The trade was a 34.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the transaction, the insider now owns 601,520 shares of the company's stock, valued at approximately $19,417,065.60. The trade was a 8.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,180,281 shares of company stock worth $44,818,945. 47.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Cowen restated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Susquehanna increased their price target on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a report on Monday, May 12th. Northland Securities set a $50.00 price objective on DraftKings in a report on Friday, April 25th. Stifel Nicolaus dropped their target price on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets reissued an "outperform" rating and set a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and an average target price of $54.41.

DraftKings Trading Up 2.3%

Shares of DKNG traded up $0.91 during trading hours on Friday, hitting $40.51. The stock had a trading volume of 14,054,018 shares, compared to its average volume of 9,693,831. 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 $36.03 billion, a P/E ratio of -48.81, a P/E/G ratio of 1.15 and a beta of 1.63. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The company's fifty day simple moving average is $35.50 and its 200 day simple moving average is $38.41.

About DraftKings

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.