Merit Financial Group LLC Acquires Shares of 30,278 DraftKings Inc. (NASDAQ:DKNG)

Merit Financial Group LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 30,278 shares of the company's stock, valued at approximately $1,006,000.

A number of other hedge funds have also recently bought and sold shares of DKNG. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings in the 4th quarter valued at $28,000. Stonebridge Financial Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $28,000. Synergy Investment Management LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $37,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in shares of DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after purchasing an additional 317 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

DKNG opened at $35.81 on Friday. The business's 50-day moving average price is $34.58 and its two-hundred day moving average price is $38.83. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a market capitalization of $31.85 billion, a price-to-earnings ratio of -33.78, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Cowen reissued a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Argus set a $60.00 price target on DraftKings in a research note on Tuesday, February 18th. Northland Securities set a $50.00 price target on DraftKings in a research note on Friday, April 25th. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price target on shares of DraftKings in a research note on Friday, May 9th. Finally, Morgan Stanley reduced their target price on DraftKings from $53.00 to $51.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $54.41.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the sale, the insider now owns 653,843 shares of the company's stock, valued at $25,499,877. This trade represents a 7.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the sale, the chief financial officer now directly 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. Insiders have sold 1,127,504 shares of company stock valued at $42,687,810 in the last 90 days. 51.19% of the stock is currently owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.