DraftKings Inc. (NASDAQ:DKNG) Position Increased by NBC Securities Inc.

NBC Securities Inc. boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 146,240.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,195 shares of the company's stock after purchasing an additional 32,173 shares during the quarter. NBC Securities Inc.'s holdings in DraftKings were worth $1,069,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of DKNG. Raiffeisen Bank International AG purchased a new stake in DraftKings during the 4th quarter worth approximately $25,000. Stonebridge Financial Group LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $28,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of DraftKings by 44.8% in the 1st 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 last quarter. Finally, Synergy Investment Management LLC bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

DKNG stock traded down $1.11 during trading hours on Thursday, hitting $33.73. 10,640,923 shares of the stock traded hands, compared to its average volume of 9,735,585. The stock has a 50-day simple moving average of $34.51 and a 200 day simple moving average of $38.97. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a market cap of $30.00 billion, a P/E ratio of -31.82, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lowered their price target on DraftKings from $53.00 to $51.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Benchmark boosted their price target on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a report on Monday, March 10th. Cowen reiterated a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. BMO Capital Markets reiterated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Finally, Bank of America lowered their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.41.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares of the company's stock, valued at $19,417,065.60. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the transaction, the chief financial officer now directly owns 171,268 shares of the company's stock, valued at $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,127,504 shares of company stock valued at $42,687,810 over the last 90 days. 51.19% of the stock is currently owned by corporate 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.