DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Moors & Cabot Inc.

Key Points

• Moors & Cabot Inc. has reduced its stake in DraftKings Inc. by 27.2%, selling 6,210 shares and now holding 16,620 shares valued at $552,000.
• Several institutional investors have increased their exposure to DraftKings, with notable new positions from Raiffeisen Bank and Point72 Asia, while 37.70% of the stock is owned by institutional investors and hedge funds.
• DraftKings has received multiple "buy" ratings from analysts, with price targets ranging from $50.00 to $65.00, and a consensus rating of "Moderate Buy" and an average price target of $54.38.

Moors & Cabot Inc. reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 27.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,620 shares of the company's stock after selling 6,210 shares during the period. Moors & Cabot Inc.'s holdings in DraftKings were worth $552,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Raiffeisen Bank International AG acquired a new position in shares of DraftKings during the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings during the fourth quarter worth $28,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings during the first quarter worth $26,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of DraftKings during the first quarter worth $27,000. Finally, GPS Wealth Strategies Group LLC lifted 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 and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of research analyst reports. Cowen restated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. BMO Capital Markets restated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a research note on Thursday, April 24th. Benchmark restated a "buy" rating and issued a $50.00 price target (up previously from $45.00) on shares of DraftKings in a research note on Tuesday, July 15th. Needham & Company LLC restated a "buy" rating and issued a $65.00 price target on shares of DraftKings in a research note on Friday, May 9th. Finally, Mizuho dropped their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $54.38.

DraftKings Stock Down 2.9%

DKNG stock opened at $43.73 on Monday. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The firm has a fifty day moving average price of $40.55 and a two-hundred day moving average price of $39.25. The firm has a market cap of $38.89 billion, a price-to-earnings ratio of -52.69, a PEG ratio of 1.47 and a beta of 1.70.

Insider Activity

In other news, insider R Stanton Dodge sold 158,331 shares of the company'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 transaction, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer owned 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 have sold a total of 536,627 shares of company stock worth $20,843,217 over the last ninety days. Insiders own 51.19% of the company's stock.

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.

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