DraftKings Inc. (NASDAQ:DKNG) Shares Purchased by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 86,770 shares of the company's stock after buying an additional 9,277 shares during the period. Oppenheimer & Co. Inc.'s holdings in DraftKings were worth $2,882,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Sanctuary Advisors LLC lifted its stake in shares of DraftKings by 6.8% in the 4th quarter. Sanctuary Advisors LLC now owns 30,165 shares of the company's stock valued at $1,122,000 after purchasing an additional 1,932 shares during the period. IFP Advisors Inc increased its holdings in DraftKings by 23.1% in the fourth quarter. IFP Advisors Inc now owns 41,477 shares of the company's stock valued at $1,543,000 after buying an additional 7,785 shares in the last quarter. Amalgamated Bank increased its holdings in DraftKings by 1.1% in the fourth quarter. Amalgamated Bank now owns 29,911 shares of the company's stock valued at $1,113,000 after buying an additional 327 shares in the last quarter. National Pension Service raised its position in shares of DraftKings by 2.7% in the fourth quarter. National Pension Service now owns 734,200 shares of the company's stock worth $27,312,000 after acquiring an additional 19,400 shares during the period. Finally, Bryn Mawr Capital Management LLC purchased a new stake in shares of DraftKings during the 4th quarter worth about $874,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on DKNG shares. JMP Securities cut their price target on DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research note on Thursday, June 5th. Cowen restated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Cfra Research raised DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Bank of America decreased their target price on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.03.

Insider Transactions at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider now owns 4,155,130 shares of the company's stock, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider now owns 504,381 shares of the company's stock, valued at approximately $19,670,859. This represents a 23.89% 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 worth $19,748,622 in the last quarter. Company insiders own 51.19% of the company's stock.

DraftKings Trading Up 1.6%

NASDAQ:DKNG traded up $0.66 during trading hours on Friday, hitting $42.89. The company had a trading volume of 13,951,455 shares, compared to its average volume of 9,668,760. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market cap of $38.14 billion, a P/E ratio of -51.67, a P/E/G ratio of 1.30 and a beta of 1.63. The company has a 50-day moving average of $36.18 and a 200 day moving average of $38.45. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

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.