IFM Investors Pty Ltd Has $2.78 Million Position in DraftKings Inc. (NASDAQ:DKNG)

IFM Investors Pty Ltd lifted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,750 shares of the company's stock after buying an additional 7,147 shares during the period. IFM Investors Pty Ltd's holdings in DraftKings were worth $2,781,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock worth $1,602,327,000 after buying an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock valued at $690,791,000 after acquiring an additional 707,504 shares during the last quarter. FMR LLC raised its holdings in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after buying an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after buying an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock worth $299,921,000 after purchasing an additional 89,988 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on DKNG shares. JMP Securities dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Thursday, June 5th. Bank of America reduced their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Needham & Company LLC restated a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Morgan Stanley lowered their price target on shares of DraftKings from $53.00 to $51.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Finally, Guggenheim lowered their target price on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.90.

Insider Buying and Selling at DraftKings

In other DraftKings news, 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 sale, the chief financial officer owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the 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 sale, the insider directly owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 536,627 shares of company stock worth $19,748,622. Insiders own 47.08% of the company's stock.

DraftKings Price Performance

NASDAQ DKNG traded up $0.10 on Wednesday, reaching $42.44. The company's stock had a trading volume of 707,041 shares, compared to its average volume of 9,679,734. The firm has a market cap of $37.74 billion, a PE ratio of -51.28, a price-to-earnings-growth ratio of 1.27 and a beta of 1.67. The business has a 50-day moving average price of $37.49 and a 200 day moving average price of $38.51. 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 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

DraftKings 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.