Employees Retirement System of Texas Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Employees Retirement System of Texas acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 48,970 shares of the company's stock, valued at approximately $1,822,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vestmark Advisory Solutions Inc. lifted its position in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company's stock valued at $4,766,000 after acquiring an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $874,000. Highland Capital Management LLC purchased a new position in DraftKings in the 4th quarter worth about $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company's stock worth $1,467,000 after buying an additional 6,059 shares during the period. Finally, Foundations Investment Advisors LLC increased its position in shares of DraftKings by 30.4% in the fourth quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company's stock worth $1,925,000 after acquiring an additional 12,074 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Canaccord Genuity Group raised their target price on DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. TD Securities decreased their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Argus set a $60.00 target price on DraftKings in a research note 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 cut their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.96.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $0.11 during trading on Friday, hitting $35.49. 10,061,472 shares of the stock were exchanged, compared to its average volume of 9,710,881. The company's fifty day simple moving average is $34.66 and its 200-day simple moving average is $39.11. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The company has a market capitalization of $31.56 billion, a price-to-earnings ratio of -33.48, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

Insiders Place Their Bets

In related news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $40.61, for a total value of $8,528,100.00. Following the sale, the insider now owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. The trade was a 4.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $37.62, for a total value of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares of the company's stock, valued at $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 1,285,011 shares of company stock worth $49,481,410 over the last 90 days. Corporate 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.