Bank of New York Mellon Corp Purchases 313,128 Shares of DraftKings Inc. (NASDAQ:DKNG)

Bank of New York Mellon Corp boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,472,974 shares of the company's stock after purchasing an additional 313,128 shares during the period. Bank of New York Mellon Corp owned approximately 0.17% of DraftKings worth $48,917,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new stake in shares of DraftKings in the fourth quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the fourth quarter valued at $28,000. FNY Investment Advisers LLC purchased a new stake in DraftKings in the 1st quarter worth about $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings during the 1st quarter worth about $27,000. Finally, GPS Wealth Strategies Group LLC lifted its position in DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 564 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on DKNG shares. Cowen reaffirmed a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Sanford C. Bernstein assumed coverage on DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price target for the company. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a report on Friday. Barclays decreased their price objective on DraftKings from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Monday, May 12th. Finally, BMO Capital Markets restated an "outperform" rating and set a $65.00 target price on shares of DraftKings in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.90.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction 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 transaction, the chief financial officer owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director owned 5,947 shares of the company's stock, valued at approximately $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 536,627 shares of company stock valued at $19,748,622. Corporate insiders own 47.08% of the company's stock.

DraftKings Stock Up 0.0%

NASDAQ DKNG traded up $0.01 during trading hours on Tuesday, hitting $43.80. The company's stock had a trading volume of 8,663,262 shares, compared to its average volume of 9,722,073. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The company's 50-day simple moving average is $38.27 and its two-hundred day simple moving average is $38.66. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a market capitalization of $38.95 billion, a PE ratio of -52.77, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67.

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.