Universal Beteiligungs und Servicegesellschaft mbH Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH increased its stake in DraftKings Inc. by 89.0%, acquiring a total of 87,777 shares worth approximately $2.9 million.
• DraftKings has received support from various analysts, with a consensus rating of "Moderate Buy" and a price target averaging $54.38.
• Recent insider activity includes significant stock sales by both the Director and CFO, with insiders having sold a total of 589,404 shares in the past ninety days.

Universal Beteiligungs und Servicegesellschaft mbH lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 89.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,777 shares of the company's stock after purchasing an additional 41,328 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH's holdings in DraftKings were worth $2,915,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Raiffeisen Bank International AG bought a new position in DraftKings during the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC bought a new stake in DraftKings during the first quarter valued at about $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings during the first quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the fourth quarter worth about $28,000. Finally, GPS Wealth Strategies Group LLC increased its holdings 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 purchasing an additional 564 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on DKNG shares. Cowen reissued a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Benchmark restated a "buy" rating and set a $50.00 target price (up previously from $45.00) on shares of DraftKings in a report on Tuesday, July 15th. TD Securities cut their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Truist Financial increased their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, Jefferies Financial Group lowered their target price on shares of DraftKings from $60.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.38.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $43.53, for a total value of $4,594,765.62. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at approximately $21,765,000. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction on Friday, May 30th. The stock was 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 of the company's stock, 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 have sold a total of 589,404 shares of company stock worth $22,639,746 over the last quarter. Company insiders own 51.19% of the company's stock.

DraftKings Trading Down 1.6%

Shares of NASDAQ DKNG traded down $0.71 during midday trading on Thursday, reaching $45.04. 11,802,111 shares of the stock were exchanged, compared to its average volume of 7,652,670. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. 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 company has a 50 day simple moving average of $40.38 and a 200 day simple moving average of $39.23. The stock has a market capitalization of $40.05 billion, a P/E ratio of -54.26, a PEG ratio of 1.54 and a beta of 1.67.

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.