Wealth Enhancement Advisory Services LLC grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 272.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,888 shares of the company's stock after purchasing an additional 85,529 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in DraftKings were worth $3,882,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in DKNG. NorthCrest Asset Manangement LLC purchased a new stake in DraftKings during the first quarter valued at about $304,000. Net Worth Advisory Group purchased a new stake in DraftKings during the first quarter valued at about $398,000. GPS Wealth Strategies Group LLC lifted its stake in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after buying an additional 564 shares in the last quarter. Focus Financial Network Inc. purchased a new stake in DraftKings during the first quarter valued at about $208,000. Finally, CX Institutional purchased a new stake in DraftKings during the first quarter valued at about $98,000. Institutional investors own 37.70% of the company's stock.
Insider Activity
In other news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director now owns 5,947 shares of the company's stock, valued at $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider now directly owns 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% 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 valued at $19,748,622 over the last 90 days. 51.19% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
DKNG has been the subject of a number of analyst reports. JPMorgan Chase & Co. initiated coverage on shares of DraftKings in a research note on Monday. They set an "overweight" rating and a $50.00 price objective for the company. BTIG Research reduced their price objective on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Susquehanna upped their price objective on shares of DraftKings from $42.00 to $52.00 and gave the company a "positive" rating in a research note on Monday, May 12th. TD Securities reduced their price target on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Finally, Northland Securities set a $50.00 price target on shares of DraftKings in a research report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.03.
Check Out Our Latest Research Report on DraftKings
DraftKings Trading Down 1.2%
Shares of DKNG stock opened at $42.23 on Friday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a market cap of $37.56 billion, a PE ratio of -50.88, a price-to-earnings-growth ratio of 1.30 and a beta of 1.63. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The business's 50 day moving average is $36.18 and its two-hundred day moving average is $38.45.
DraftKings Company Profile
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Free Report)
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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