GAMMA Investing LLC grew its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 5,118.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 48,952 shares of the company's stock after acquiring an additional 48,014 shares during the quarter. GAMMA Investing LLC's holdings in DraftKings were worth $1,626,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vestmark Advisory Solutions Inc. increased its holdings in shares of DraftKings by 27.7% in 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 period. Bryn Mawr Capital Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $874,000. Scholtz & Company LLC purchased a new position in DraftKings during the fourth quarter worth approximately $1,806,000. Whale Rock Capital Management LLC increased its stake in shares of DraftKings by 9.2% during the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after purchasing an additional 416,881 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in DraftKings by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company's stock valued at $120,576,000 after purchasing an additional 66,042 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at DraftKings
In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the sale, the insider now directly owns 682,764 shares of the company's stock, valued at $26,593,657.80. The trade was a 48.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred 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 now directly owns 5,947 shares in the company, 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. Insiders have sold a total of 1,021,950 shares of company stock worth $38,644,036 over the last ninety days. 51.19% of the stock is currently owned by corporate insiders.
DraftKings Stock Performance
DraftKings stock traded up $1.13 during midday trading on Monday, reaching $37.63. 1,130,104 shares of the stock traded hands, compared to its average volume of 9,725,096. The firm has a fifty day moving average price of $35.03 and a two-hundred day moving average price of $38.59. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market cap of $33.47 billion, a price-to-earnings ratio of -35.49, a PEG ratio of 1.43 and a beta of 1.63. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.
Analysts Set New Price Targets
Several brokerages recently weighed in on DKNG. Truist Financial lowered their price objective on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Citigroup dropped their price objective on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Susquehanna boosted their price objective on shares of DraftKings from $42.00 to $52.00 and gave the company a "positive" rating in a research note on Monday, May 12th. TD Securities lowered their target price on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Cowen reissued a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. One investment 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.com, DraftKings presently has an average rating of "Moderate Buy" and an average target price of $54.41.
Get Our Latest Research Report on DraftKings
About DraftKings
(
Free Report)
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.
Featured Articles
Before you consider DraftKings, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DraftKings wasn't on the list.
While DraftKings currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
