Massachusetts Financial Services Co. MA Increases Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Massachusetts Financial Services Co. MA increased its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,098,641 shares of the company's stock after acquiring an additional 301,134 shares during the period. Massachusetts Financial Services Co. MA owned about 0.80% of DraftKings worth $235,746,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Raiffeisen Bank International AG bought a new stake in DraftKings during the fourth quarter valued at about $25,000. FNY Investment Advisers LLC bought a new stake in DraftKings during the first quarter valued at about $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings during the first quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings during the fourth quarter valued at about $28,000. Finally, GPS Wealth Strategies Group LLC grew its holdings in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares during the period. Institutional investors own 37.70% of the company's stock.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the transaction, the director directly owned 5,947 shares in the company, valued at approximately $209,810.16. This represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company'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 transaction, the chief financial officer owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 536,627 shares of company stock valued at $19,748,622 over the last quarter. 51.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target for the company. TD Securities lowered their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Citigroup restated a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. 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. Finally, Guggenheim lowered their price objective on DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus price target of $54.10.

DraftKings Stock Down 1.0%

Shares of DKNG traded down $0.43 during midday trading on Friday, hitting $43.51. 1,130,870 shares of the company's stock traded hands, compared to its average volume of 9,685,936. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The firm's fifty day moving average is $38.82 and its 200-day moving average is $38.77. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The stock has a market capitalization of $38.69 billion, a price-to-earnings ratio of -52.40, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67.

DraftKings 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.