Illinois Municipal Retirement Fund raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 14.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,754 shares of the company's stock after acquiring an additional 19,914 shares during the quarter. Illinois Municipal Retirement Fund's holdings in DraftKings were worth $5,206,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings in the 4th quarter worth $28,000. FNY Investment Advisers LLC purchased a new stake in DraftKings during the first quarter valued at about $26,000. GPS Wealth Strategies Group LLC increased its stake in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after acquiring an additional 564 shares during the last quarter. Finally, Synergy Investment Management LLC purchased a new position in shares of DraftKings in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 37.70% of the company's stock.
DraftKings Stock Performance
Shares of DraftKings stock traded down $0.79 on Tuesday, reaching $42.10. 5,691,480 shares of the company were exchanged, compared to its average volume of 9,638,884. The firm has a market cap of $37.44 billion, a price-to-earnings ratio of -50.75, a P/E/G ratio of 1.10 and a beta of 1.63. DraftKings Inc. has a 1-year low of $28.69 and a 1-year 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 company's 50-day moving average is $36.58 and its two-hundred day moving average is $38.44.
Analysts Set New Price Targets
A number of research firms recently issued reports on DKNG. Mizuho dropped their target price on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Benchmark boosted their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Bank of America cut their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Citigroup lifted their target price on shares of DraftKings from $55.00 to $58.00 and gave the company a "buy" rating in a report on Tuesday. Finally, BTIG Research lowered their price target on DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus price target of $54.14.
Read Our Latest Report on DKNG
Insider Buying and Selling
In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider directly owned 504,381 shares of the company's stock, valued at $19,670,859. The trade was a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the sale, the chief financial officer owned 171,268 shares in the company, valued at $6,297,524.36. The trade was a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock valued at $19,748,622 in the last 90 days. Corporate insiders own 47.08% of the company's stock.
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.
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