Toronto Dominion Bank Acquires 30,779 Shares of DraftKings Inc. (NASDAQ:DKNG)

Toronto Dominion Bank increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 44.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,784 shares of the company's stock after purchasing an additional 30,779 shares during the period. Toronto Dominion Bank's holdings in DraftKings were worth $3,712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Beacon Pointe Advisors LLC grew its stake in DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after buying an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after acquiring an additional 217 shares during the last quarter. Allworth Financial LP raised its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after purchasing an additional 271 shares in the last quarter. Snowden Capital Advisors LLC raised its position in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after purchasing an additional 296 shares in the last quarter. Finally, Nvwm LLC lifted its stake in DraftKings by 1.6% during the fourth quarter. Nvwm LLC now owns 19,343 shares of the company's stock worth $720,000 after purchasing an additional 312 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Up 1.5%

DKNG traded up $0.52 during midday trading on Wednesday, reaching $34.84. The company's stock had a trading volume of 6,012,117 shares, compared to its average volume of 9,731,964. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock's 50-day moving average is $34.51 and its 200-day moving average is $38.97. The firm has a market capitalization of $30.98 billion, a price-to-earnings ratio of -32.87, a PEG ratio of 1.43 and a beta of 1.89. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

Insider Buying and Selling

In other news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director now owns 5,947 shares in the company, valued at $209,810.16. This represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total value of $1,985,470.74. Following the sale, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. This represents a 6.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,130,924 shares of company stock worth $42,831,450 in the last 90 days. Insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on DKNG shares. Susquehanna upped their target price on DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research note on Monday, May 12th. Macquarie reduced their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Mizuho decreased their target price on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. Cowen restated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Finally, Wells Fargo & Company lifted their price objective on DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $54.66.

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.