Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,165 shares of the company's stock, valued at approximately $437,000.
Several other large investors have also bought and sold shares of the business. Kentucky Retirement Systems acquired a new position in shares of DraftKings during the 1st quarter worth about $1,026,000. Consolidated Investment Group LLC raised its holdings in DraftKings by 17.0% in the 1st quarter. Consolidated Investment Group LLC now owns 70,795 shares of the company's stock valued at $2,351,000 after buying an additional 10,295 shares during the last quarter. Garde Capital Inc. bought a new stake in DraftKings in the first quarter valued at approximately $89,000. Means Investment CO. Inc. grew its stake in DraftKings by 2.9% during the first quarter. Means Investment CO. Inc. now owns 12,574 shares of the company's stock worth $418,000 after purchasing an additional 360 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of DraftKings by 3.6% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 156,233 shares of the company's stock valued at $5,188,000 after buying an additional 5,464 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
DKNG has been the topic of several recent research reports. Mizuho dropped their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Citigroup reiterated a "buy" rating on shares of DraftKings in a report on Friday, June 13th. Northland Securities set a $50.00 target price on DraftKings in a research note on Friday, April 25th. Morgan Stanley cut their target price on shares of DraftKings from $53.00 to $51.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, Stifel Nicolaus cut their price target on DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $54.03.
Get Our Latest Analysis on DraftKings
DraftKings Stock Down 0.2%
DKNG stock opened at $42.74 on Thursday. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The business's fifty day moving average price is $36.01 and its two-hundred day moving average price is $38.45. The stock has a market capitalization of $38.01 billion, a price-to-earnings ratio of -51.49, a PEG ratio of 1.30 and a beta of 1.63.
Insider Buying and Selling at DraftKings
In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer now owns 171,268 shares in the company, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 504,381 shares of the company's stock, valued at approximately $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 536,627 shares of company stock worth $19,748,622. 51.19% of the stock is owned by corporate insiders.
DraftKings Company Profile
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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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