DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by D.A. Davidson & CO.

D.A. Davidson & CO. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 43.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,612 shares of the company's stock after purchasing an additional 12,688 shares during the period. D.A. Davidson & CO.'s holdings in DraftKings were worth $1,382,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Teacher Retirement System of Texas bought a new position in shares of DraftKings in the first quarter worth about $2,130,000. Vontobel Holding Ltd. grew its stake in DraftKings by 45.9% in the 1st quarter. Vontobel Holding Ltd. now owns 120,758 shares of the company's stock worth $4,010,000 after acquiring an additional 38,014 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of DraftKings during the first quarter worth approximately $27,000. Amalgamated Bank raised its stake in shares of DraftKings by 9.1% during the first quarter. Amalgamated Bank now owns 32,632 shares of the company's stock valued at $1,084,000 after acquiring an additional 2,721 shares in the last quarter. Finally, KBC Group NV boosted its holdings in shares of DraftKings by 18.1% in the first quarter. KBC Group NV now owns 35,163 shares of the company's stock valued at $1,167,000 after purchasing an additional 5,390 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Morgan Stanley raised their price objective on DraftKings from $51.00 to $52.00 and gave the stock an "overweight" rating in a report on Friday. Macquarie dropped their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Bank of America reduced their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Jefferies Financial Group dropped their price objective on shares of DraftKings from $60.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, July 3rd. Finally, Stifel Nicolaus reduced their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.93.

Insider Activity

In other news, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the sale, the insider owned 504,381 shares of the company's stock, valued at $19,670,859. This represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer owned 171,268 shares in the company, valued at $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. 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 in the last ninety days. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Down 3.6%

DraftKings stock traded down $1.59 during trading on Friday, reaching $42.98. 7,198,233 shares of the company were exchanged, compared to its average volume of 9,736,058. The stock's 50 day simple moving average is $38.08 and its two-hundred day simple moving average is $38.61. The company has a market capitalization of $38.22 billion, a P/E ratio of -51.78, a PEG ratio of 1.34 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

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.