DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Tempus Wealth Planning LLC

Key Points

• Tempus Wealth Planning LLC decreased its stake in DraftKings by 49.4%, holding 8,800 shares worth approximately $292,000 by the end of the most recent quarter.
• Several institutional investors, including Vanguard Group Inc. and T. Rowe Price Investment Management Inc., have increased their positions in DraftKings, highlighting strong interest from major hedge funds.
• Wall Street analysts have mixed to positive ratings for DraftKings, with a consensus target price of $54.38 and over twenty-seven analysts rating the stock as a "buy."

Tempus Wealth Planning LLC reduced its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 49.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,800 shares of the company's stock after selling 8,599 shares during the period. Tempus Wealth Planning LLC's holdings in DraftKings were worth $292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in DraftKings by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock valued at $690,791,000 after purchasing an additional 707,504 shares in the last quarter. FMR LLC lifted its position in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC lifted its position in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock valued at $299,921,000 after purchasing an additional 89,988 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on DKNG shares. Susquehanna lifted their target price on DraftKings from $52.00 to $60.00 and gave the company a "positive" rating in a research report on Friday. BTIG Research lowered their price objective on DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Cfra Research upgraded DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Jefferies Financial Group lowered their price objective on DraftKings from $60.00 to $53.00 and set a "buy" rating on the stock in a research report on Thursday, July 3rd. 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 report on Friday, July 11th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $54.38.

DraftKings Trading Up 1.9%

Shares of NASDAQ DKNG traded up $0.82 during trading hours on Friday, reaching $44.86. The stock had a trading volume of 4,767,604 shares, compared to its average volume of 8,140,658. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The firm has a market cap of $39.89 billion, a price-to-earnings ratio of -54.05, a P/E/G ratio of 1.51 and a beta of 1.67. The business's fifty day moving average price is $39.68 and its two-hundred day moving average price is $39.08. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

Insider Transactions at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the completion of the sale, the insider owned 4,155,130 shares in the company, valued at $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director owned 5,947 shares of the company's stock, valued at approximately $209,810.16. This 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 three months. Company 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.