Fonville Wealth Management LLC Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

Fonville Wealth Management LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 35,207 shares of the company's stock, valued at approximately $1,169,000.

Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in shares of 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. Norges Bank bought a new position in DraftKings during the 4th quarter valued at about $276,328,000. FMR LLC lifted its stake in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock valued at $506,569,000 after acquiring an additional 7,150,382 shares during the period. Eminence Capital LP purchased a new stake in shares of DraftKings during the 4th quarter valued at about $65,255,000. Finally, Contrarius Group Holdings Ltd bought a new stake in shares of DraftKings in the fourth quarter worth approximately $58,397,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction on 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 transaction, the director directly owned 5,947 shares of the company's stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the sale, the insider owned 504,381 shares in the company, valued at $19,670,859. This represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research reports. Sanford C. Bernstein initiated coverage on shares of DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price on the stock. Stifel Nicolaus dropped their price target on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Jefferies Financial Group cut their price objective on DraftKings from $60.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, July 3rd. Bank of America lowered their target price on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Northland Securities set a $50.00 price target on DraftKings in a research note on Friday, April 25th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.90.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $44.57 on Friday. The company has a market cap of $39.64 billion, a P/E ratio of -53.70, a P/E/G ratio of 1.34 and a beta of 1.67. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The firm's fifty day moving average is $37.91 and its two-hundred day moving average is $38.58.

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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