Janney Montgomery Scott LLC Buys 6,853 Shares of DraftKings Inc. (NASDAQ:DKNG)

Janney Montgomery Scott LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 259,719 shares of the company's stock after buying an additional 6,853 shares during the period. Janney Montgomery Scott LLC owned about 0.05% of DraftKings worth $8,625,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new stake in DraftKings during the 4th quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings in the fourth quarter valued at about $28,000. GPS Wealth Strategies Group LLC raised its position 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. MassMutual Private Wealth & Trust FSB raised its position in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after acquiring an additional 317 shares during the last quarter. Finally, Synergy Investment Management LLC acquired a new position in DraftKings during the fourth quarter worth about $37,000. Institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

Shares of NASDAQ DKNG traded up $0.91 during mid-day trading on Friday, reaching $40.51. The company had a trading volume of 14,054,018 shares, compared to its average volume of 9,693,831. The business's 50-day simple moving average is $35.50 and its 200 day simple moving average is $38.46. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The firm has a market cap of $36.03 billion, a price-to-earnings ratio of -48.81, a PEG ratio of 1.15 and a beta of 1.63. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DKNG. 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. Cfra Research raised shares of DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. TD Securities reduced their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. BMO Capital Markets restated an "outperform" rating and set a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Finally, Truist Financial cut their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. One equities research 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, the company presently has an average rating of "Moderate Buy" and an average price target of $54.41.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the sale, the insider now owns 601,520 shares in the company, valued at approximately $19,417,065.60. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 682,764 shares of the company's stock, valued at $26,593,657.80. This represents a 48.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,180,281 shares of company stock worth $44,818,945 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Company 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.