Diversified Trust Co Buys 5,910 Shares of DraftKings Inc. (NASDAQ:DKNG)

Diversified Trust Co lifted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,517 shares of the company's stock after buying an additional 5,910 shares during the period. Diversified Trust Co's holdings in DraftKings were worth $2,242,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in DKNG. Amalgamated Bank lifted its stake in shares of DraftKings by 1.1% in the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company's stock valued at $1,113,000 after buying an additional 327 shares during the period. National Pension Service lifted its stake in shares of DraftKings by 2.7% in 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. Whipplewood Advisors LLC bought a new stake in shares of DraftKings in the fourth quarter valued at about $131,000. Mn Services Vermogensbeheer B.V. lifted its stake 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 buying an additional 3,500 shares during the period. Finally, Oppenheimer & Co. Inc. raised its position in DraftKings by 1.6% in the fourth quarter. Oppenheimer & Co. Inc. now owns 77,493 shares of the company's stock worth $2,883,000 after purchasing an additional 1,245 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $42.89 on Friday. 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 firm has a market cap of $38.14 billion, a P/E ratio of -51.67, a P/E/G ratio of 1.28 and a beta of 1.63. The firm has a 50 day simple moving average of $36.37 and a 200 day simple moving average of $38.46. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insider Activity at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This trade represents a 4.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer now directly owns 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock valued at $19,748,622 over the last quarter. Corporate insiders own 51.19% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on DKNG shares. Jefferies Financial Group reissued a "buy" rating on shares of DraftKings in a research report on Friday, June 13th. JMP Securities dropped their price target on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Mizuho dropped their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Guggenheim dropped their price target on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Sanford C. Bernstein started coverage on shares of DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price target for the company. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.03.

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.

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