Kestra Private Wealth Services LLC Buys 7,361 Shares of DraftKings Inc. (NASDAQ:DKNG)

Kestra Private Wealth Services LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 44.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,775 shares of the company's stock after buying an additional 7,361 shares during the period. Kestra Private Wealth Services LLC's holdings in DraftKings were worth $790,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brown Advisory Inc. lifted its holdings in shares of DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock worth $252,000 after purchasing an additional 968 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in DraftKings by 9.3% in the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock valued at $2,781,000 after buying an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC acquired a new position in shares of DraftKings during the first quarter valued at $515,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock valued at $90,558,000 after acquiring an additional 434,525 shares during the period. Finally, Kentucky Retirement Systems bought a new position in shares of DraftKings during the first quarter worth about $1,026,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Price Performance

Shares of DKNG stock traded up $0.82 during trading hours on Friday, reaching $44.86. The company's stock had a trading volume of 4,767,604 shares, compared to its average volume of 8,140,658. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a market capitalization of $39.89 billion, a price-to-earnings ratio of -54.05, a PEG ratio of 1.48 and a beta of 1.67. The firm's 50 day simple moving average is $39.68 and its 200-day simple moving average is $39.07.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Benchmark reissued a "buy" rating and set a $50.00 target price (up from $45.00) on shares of DraftKings in a research note on Tuesday, July 15th. Northland Securities set a $50.00 target price on shares of DraftKings in a research note on Friday, April 25th. Bank of America lowered their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, May 9th. TD Securities cut their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Finally, Morgan Stanley restated an "overweight" rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $54.38.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider owned 4,155,130 shares of the company's stock, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 sale, the director directly owned 5,947 shares in the company, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 589,404 shares of company stock worth $22,639,746. Insiders own 51.19% of the company's stock.

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.