Gateway Investment Advisers LLC Buys 42,819 Shares of DraftKings Inc. (NASDAQ:DKNG)

Gateway Investment Advisers LLC increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 190.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,273 shares of the company's stock after acquiring an additional 42,819 shares during the quarter. Gateway Investment Advisers LLC's holdings in DraftKings were worth $2,168,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the 4th quarter valued at $28,000. Stonebridge Financial Group LLC bought a new stake in DraftKings during the 4th quarter valued at $28,000. Synergy Investment Management LLC bought a new stake in DraftKings during the 4th quarter valued at $37,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after purchasing an additional 317 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the sale, the insider now directly owns 601,520 shares of the company's stock, valued at $19,417,065.60. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the company's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the sale, the insider now directly owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,127,504 shares of company stock valued at $42,687,810 over the last three months. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on DKNG. Needham & Company LLC restated a "buy" rating and set a $65.00 price target on shares of DraftKings in a research note on Friday, May 9th. 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 research note on Tuesday, February 18th. Cowen restated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Canaccord Genuity Group boosted their price target on shares of DraftKings from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Finally, Stifel Nicolaus decreased their price target 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 research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and an average price target of $54.41.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $0.32 during midday trading on Wednesday, reaching $37.88. The company had a trading volume of 8,738,956 shares, compared to its average volume of 9,754,089. The stock has a market cap of $33.69 billion, a P/E ratio of -35.74, a P/E/G ratio of 1.43 and a beta of 1.63. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. 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's 50 day moving average price is $34.84 and its 200 day moving average price is $38.73.

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.