Lecap Asset Management Ltd. Acquires New Holdings in DraftKings Inc. (NASDAQ:DKNG)

Lecap Asset Management Ltd. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 13,671 shares of the company's stock, valued at approximately $454,000.

Several other hedge funds have also recently bought and sold shares of the company. Beacon Pointe Advisors LLC lifted its position in DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after purchasing an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after purchasing an additional 217 shares during the last quarter. Snowden Capital Advisors LLC raised its position in shares of DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after buying an additional 296 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after buying an additional 317 shares in the last quarter. Finally, Amalgamated Bank lifted its stake in shares of DraftKings by 1.1% in the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company's stock worth $1,113,000 after acquiring an additional 327 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG opened at $42.23 on Friday. The company's 50 day moving average price is $36.18 and its 200 day moving average price is $38.45. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a market capitalization of $37.56 billion, a PE ratio of -50.88, a PEG ratio of 1.30 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.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the sale, the insider now directly owns 504,381 shares in the company, valued at $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings 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 now owns 171,268 shares of the company's stock, valued at $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 536,627 shares of company stock valued at $19,748,622. Corporate insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on DKNG. Cowen reissued a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Guggenheim decreased their target price on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Jefferies Financial Group reissued a "buy" rating on shares of DraftKings in a report on Friday, June 13th. TD Securities lowered their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $54.03.

About DraftKings

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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