California State Teachers Retirement System decreased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 691,668 shares of the company's stock after selling 19,379 shares during the period. California State Teachers Retirement System owned 0.14% of DraftKings worth $25,730,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in DKNG. Geneos Wealth Management Inc. bought a new stake in shares of DraftKings in the 4th quarter valued at about $195,000. Kingswood Wealth Advisors LLC raised its holdings in DraftKings by 44.5% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,559 shares of the company's stock worth $318,000 after purchasing an additional 2,636 shares during the period. Forsta AP Fonden grew its position in shares of DraftKings by 25.9% during the fourth quarter. Forsta AP Fonden now owns 122,800 shares of the company's stock valued at $4,568,000 after purchasing an additional 25,300 shares in the last quarter. Highland Capital Management LLC purchased a new position in shares of DraftKings during the fourth quarter valued at approximately $1,086,000. Finally, Strategic Planning Group LLC raised its stake in shares of DraftKings by 4.1% during the fourth quarter. Strategic Planning Group LLC now owns 75,103 shares of the company's stock valued at $2,794,000 after acquiring an additional 2,925 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
DraftKings Price Performance
Shares of DraftKings stock traded up $0.33 on Tuesday, hitting $34.06. 4,200,769 shares of the company traded hands, compared to its average volume of 10,826,864. The business has a 50-day simple moving average of $34.58 and a 200 day simple moving average of $39.03. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The stock has a market capitalization of $30.29 billion, a P/E ratio of -32.13, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the stock. Citigroup cut their price target on shares of DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Cfra Research raised shares of DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. JPMorgan Chase & Co. lifted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. JMP Securities set a $57.00 price objective on shares of DraftKings in a research note on Wednesday, April 2nd. Finally, Bank of America lowered their target price 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. One analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.96.
View Our Latest Report on DKNG
Insider Buying and Selling
In related news, Director Jocelyn Moore sold 3,420 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $42.00, for a total value of $143,640.00. Following the completion of the transaction, the director now directly owns 1,612 shares of the company's stock, valued at approximately $67,704. This represents a 67.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction on Friday, May 16th. The stock was 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 now directly owns 171,268 shares of the company's stock, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,075,011 shares of company stock worth $40,953,310. Insiders own 51.19% of the company's stock.
About DraftKings
(
Free Report)
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.
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