Oppenheimer & Co. Inc. Has $2.88 Million Holdings in DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer & Co. Inc. increased its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,770 shares of the company's stock after purchasing an additional 9,277 shares during the quarter. 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 added to or reduced their stakes in DKNG. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the 4th quarter valued at $25,000. FNY Investment Advisers LLC purchased a new stake in DraftKings during the first quarter valued at about $26,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings in the fourth quarter worth about $28,000. GPS Wealth Strategies Group LLC increased its position in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after acquiring an additional 564 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction 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 owned 504,381 shares of the company's stock, valued at $19,670,859. The trade was a 23.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the sale, the insider owned 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 disclosure for this sale can be found here. In the last three months, insiders have sold 536,627 shares of company stock worth $19,748,622. 47.08% of the stock is currently owned by company insiders.

DraftKings Price Performance

DKNG remained flat at $42.89 on Monday. The company had a trading volume of 7,999,305 shares, compared to its average volume of 9,653,212. The company has a market capitalization of $38.14 billion, a PE ratio of -51.67, a price-to-earnings-growth ratio of 1.10 and a beta of 1.63. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The stock's fifty day simple moving average is $36.58 and its two-hundred day simple moving average is $38.44. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DKNG. Jefferies Financial Group reaffirmed a "buy" rating on shares of DraftKings in a research note on Friday, June 13th. JPMorgan Chase & Co. initiated coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price for the company. Sanford C. Bernstein assumed coverage on DraftKings in a research report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target on the stock. Susquehanna raised their price objective on DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research report on Monday, May 12th. Finally, JMP Securities lowered their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and an average target price of $54.03.

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.