Kentucky Retirement Systems Makes New $1.03 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Kentucky Retirement Systems bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 30,908 shares of the company's stock, valued at approximately $1,026,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. Janus Henderson Group PLC boosted its stake in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the period. Norges Bank acquired a new stake in shares of DraftKings in the 4th quarter worth approximately $276,328,000. FMR LLC lifted its stake in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Eminence Capital LP acquired a new stake in shares of DraftKings in the 4th quarter worth approximately $65,255,000. Finally, Contrarius Group Holdings Ltd acquired a new stake in shares of DraftKings in the 4th quarter worth approximately $58,397,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 1.6%

Shares of DKNG stock traded up $0.66 during trading hours on Friday, reaching $42.89. 13,951,455 shares of the stock traded hands, compared to its average volume of 9,659,833. The firm has a market capitalization of $38.14 billion, a PE ratio of -51.67, a PEG ratio of 1.30 and a beta of 1.63. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The business has a fifty day moving average price of $36.37 and a 200 day moving average price of $38.44. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Guggenheim reduced their price target on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Susquehanna upped their price target on shares of DraftKings from $42.00 to $52.00 and gave the stock a "positive" rating in a research note on Monday, May 12th. JMP Securities reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research note on Thursday, June 5th. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research note on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price target for the company. Finally, Sanford C. Bernstein initiated coverage on shares of DraftKings in a research note on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price target for the company. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $54.03.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider now owns 4,155,130 shares in the company, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company'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 transaction, the chief financial officer now owns 171,268 shares in the company, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 536,627 shares of company stock worth $19,748,622. 51.19% of the stock is currently owned by company 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.