Independence Bank of Kentucky boosted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 115.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,528 shares of the company's stock after acquiring an additional 14,243 shares during the quarter. Independence Bank of Kentucky's holdings in DraftKings were worth $881,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings in the 4th quarter valued at about $25,000. Stonebridge Financial Group LLC bought a new position in shares of DraftKings during the fourth quarter worth about $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings in the 4th quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB raised its position in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after buying an additional 317 shares during the last quarter. Finally, Synergy Investment Management LLC bought a new stake in DraftKings in the 4th quarter valued at approximately $37,000. 37.70% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on DKNG shares. Barclays decreased their price target on shares of DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday, May 12th. BTIG Research decreased their target price on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. BMO Capital Markets reissued an "outperform" rating and set a $65.00 price target on shares of DraftKings in a research report on Thursday, April 24th. Susquehanna raised their price objective on DraftKings from $42.00 to $52.00 and gave the company a "positive" rating in a report on Monday, May 12th. Finally, Wells Fargo & Company lifted their target price on DraftKings from $53.00 to $60.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $54.41.
Check Out Our Latest Analysis on DKNG
Insider Activity
In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares of the company's stock, valued at $25,499,877. The trade was a 7.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 643,654 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,127,504 shares of company stock valued at $42,687,810. 51.19% of the stock is owned by insiders.
DraftKings Stock Performance
Shares of DKNG traded up $0.31 during trading hours on Wednesday, hitting $37.87. The company had a trading volume of 7,951,875 shares, compared to its average volume of 9,743,228. The business has a fifty day moving average of $34.72 and a 200-day moving average of $38.74. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a market cap of $33.68 billion, a price-to-earnings ratio of -35.72, a PEG ratio of 1.43 and a beta of 1.63. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.
DraftKings Profile
(
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.
Recommended Stories
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
Enter your email address and we'll send you MarketBeat's list of ten stocks that are set to soar in Summer 2025, despite the threat of tariffs and other economic uncertainty. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
