DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp lifted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2,423.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 321,456 shares of the company's stock after acquiring an additional 308,715 shares during the period. Mackenzie Financial Corp owned 0.07% of DraftKings worth $11,958,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new position in DraftKings in the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of DraftKings during the 4th quarter worth about $28,000. Stonebridge Financial Group LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $28,000. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $30,000. Finally, Synergy Investment Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth about $37,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Needham & Company LLC restated a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. Morgan Stanley cut their price target on shares of DraftKings from $53.00 to $51.00 and set an "overweight" rating on the stock in a research note on Friday. Cfra Research raised shares of DraftKings to a "moderate buy" rating in a research note on Monday, April 14th. Mizuho cut their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DraftKings from $53.00 to $61.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. Two equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.96.

DraftKings Price Performance

NASDAQ:DKNG traded down $0.11 during mid-day trading on Friday, reaching $35.49. The stock had a trading volume of 10,061,472 shares, compared to its average volume of 9,713,882. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The firm has a 50 day moving average price of $34.73 and a two-hundred day moving average price of $39.15. The stock has a market capitalization of $31.56 billion, a P/E ratio of -33.48, a P/E/G ratio of 1.43 and a beta of 1.89.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, April 21st. The stock was sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the sale, the insider now directly owns 601,520 shares of the company's stock, valued at $19,417,065.60. The trade was a 8.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the sale, the chief financial officer now directly owns 171,268 shares of the company's stock, valued at approximately $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 1,285,011 shares of company stock valued at $49,481,410. 51.19% of the stock is currently owned by corporate insiders.

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.