DraftKings Inc. (NASDAQ:DKNG) Shares Sold by PFG Investments LLC

PFG Investments LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 30.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,027 shares of the company's stock after selling 11,580 shares during the quarter. PFG Investments LLC's holdings in DraftKings were worth $864,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of DKNG. Means Investment CO. Inc. grew its stake in shares of DraftKings by 2.9% during the 1st quarter. Means Investment CO. Inc. now owns 12,574 shares of the company's stock worth $418,000 after purchasing an additional 360 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of DraftKings by 3.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 156,233 shares of the company's stock valued at $5,188,000 after acquiring an additional 5,464 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of DraftKings by 36.4% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 11,673 shares of the company's stock worth $387,000 after purchasing an additional 3,114 shares during the last quarter. Prosperity Wealth Management Inc. boosted its holdings in shares of DraftKings by 7.0% during the first quarter. Prosperity Wealth Management Inc. now owns 66,467 shares of the company's stock worth $2,207,000 after purchasing an additional 4,353 shares during the last quarter. Finally, Rakuten Securities Inc. boosted its position in shares of DraftKings by 355.5% in the first quarter. Rakuten Securities Inc. now owns 2,209 shares of the company's stock worth $73,000 after acquiring an additional 1,724 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the sale, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. The trade was a 8.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 3,136 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, the director now directly owns 5,947 shares of the company's stock, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,180,281 shares of company stock valued at $44,818,945. Corporate insiders own 47.08% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Citigroup reiterated a "buy" rating on shares of DraftKings in a research note on Friday, June 13th. JMP Securities dropped their target price on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a report on Thursday, June 5th. Jefferies Financial Group reaffirmed a "buy" rating on shares of DraftKings in a report on Friday, June 13th. Macquarie dropped their price target on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Finally, BTIG Research lowered their target price on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $54.41.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $40.51 on Monday. The firm has a fifty day simple moving average of $35.50 and a 200 day simple moving average of $38.41. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The company has a market capitalization of $36.03 billion, a PE ratio of -48.81, a P/E/G ratio of 1.15 and a beta of 1.63.

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.

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