Gateway Investment Advisers LLC lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 190.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,273 shares of the company's stock after buying an additional 42,819 shares during the quarter. Gateway Investment Advisers LLC's holdings in DraftKings were worth $2,168,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Vestmark Advisory Solutions Inc. increased its position in DraftKings by 27.7% in the 4th 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 DraftKings during the 4th quarter valued at $874,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock valued at $1,467,000 after purchasing an additional 6,059 shares during the period. Scholtz & Company LLC bought a new stake in DraftKings in the 4th quarter valued at $1,806,000. Finally, Whale Rock Capital Management LLC grew its position in DraftKings by 9.2% in the 4th 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 last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at DraftKings
In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $33.49, for a total transaction of $1,767,501.73. Following the completion of the sale, the insider now directly owns 516,563 shares of the company's stock, valued at approximately $17,299,694.87. This represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 1,127,504 shares of company stock valued at $42,687,810. Insiders own 51.19% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on DKNG. JPMorgan Chase & Co. boosted their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a report on Tuesday, February 18th. Macquarie lowered their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Sanford C. Bernstein began 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. Susquehanna raised their price target on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research note on Monday, May 12th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $60.00 price objective (up from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $54.41.
Read Our Latest Report on DKNG
DraftKings Price Performance
Shares of DraftKings stock traded up $0.10 on Thursday, hitting $37.98. 6,781,443 shares of the company traded hands, compared to its average volume of 9,742,262. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The company has a market cap of $33.78 billion, a P/E ratio of -35.83, a P/E/G ratio of 1.43 and a beta of 1.63. The firm's 50-day simple moving average is $34.84 and its 200 day simple moving average is $38.73. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.
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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