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

IFM Investors Pty Ltd lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,750 shares of the company's stock after buying an additional 7,147 shares during the quarter. IFM Investors Pty Ltd's holdings in DraftKings were worth $2,781,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Raiffeisen Bank International AG acquired a new position in shares of DraftKings during the 4th quarter worth about $25,000. FNY Investment Advisers LLC bought a new stake in DraftKings in the first quarter valued at approximately $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the first quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of DraftKings during the fourth quarter worth $28,000. Finally, GPS Wealth Strategies Group LLC boosted its position in shares of DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after purchasing an additional 564 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG traded up $0.46 on Wednesday, hitting $42.80. The company's stock had a trading volume of 5,934,294 shares, compared to its average volume of 9,710,548. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The stock has a fifty day moving average of $37.49 and a two-hundred day moving average of $38.51. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Barclays lowered their target price on DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. Mizuho dropped their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Stifel Nicolaus reduced their target price 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. Susquehanna lifted their price target on DraftKings from $42.00 to $52.00 and gave the company a "positive" rating in a research note on Monday, May 12th. Finally, Macquarie reduced their price objective on DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $53.90.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 158,331 shares of the firm's stock in a transaction dated 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 sale, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,136 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the transaction, the director owned 5,947 shares in the company, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock valued at $19,748,622 over the last 90 days. 51.19% of the stock is owned by insiders.

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.