M&T Bank Corp Acquires 53,172 Shares of DraftKings Inc. $DKNG

Key Points

• M&T Bank Corp boosted its stake in DraftKings by 173.5%, buying 53,172 shares to hold 83,824 shares valued at $2.889 million at quarter-end.
• Analysts have trimmed price targets recently, but the consensus remains a Moderate Buy with an average target of $34.84 compared with a recent share price near $23.53 and a 52‑week range of $20.46–$48.78.
• Company insiders have been net sellers, disposing of 496,718 shares worth $12.48 million over the past 90 days, though insiders still own 47.18% of the stock.

M&T Bank Corp grew its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 173.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,824 shares of the company's stock after purchasing an additional 53,172 shares during the period. M&T Bank Corp's holdings in DraftKings were worth $2,889,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dagco Inc. bought a new stake in shares of DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. raised its position in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company's stock valued at $30,000 after purchasing an additional 405 shares during the period. Root Financial Partners LLC bought a new stake in shares of DraftKings in the third quarter valued at approximately $33,000. Asset Dedication LLC bought a new stake in DraftKings during the 3rd quarter worth approximately $37,000. Finally, AlphaQuest LLC bought a new stake in DraftKings during the 3rd quarter worth approximately $41,000. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. The Goldman Sachs Group decreased their target price on shares of DraftKings from $54.00 to $31.00 and set a "buy" rating on the stock in a report on Tuesday, February 17th. Berenberg Bank set a $26.40 target price on shares of DraftKings in a report on Tuesday, February 24th. Citigroup decreased their target price on shares of DraftKings from $32.00 to $29.00 and set a "buy" rating on the stock in a report on Thursday, April 16th. JPMorgan Chase & Co. decreased their target price on shares of DraftKings from $32.00 to $31.00 and set an "overweight" rating on the stock in a report on Thursday, April 16th. Finally, Northland Securities set a $24.00 target price on shares of DraftKings in a report on Tuesday, February 17th. Twenty-seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and an average target price of $34.84.

DraftKings Price Performance

Shares of DraftKings stock opened at $23.53 on Tuesday. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The stock has a market capitalization of $11.66 billion, a price-to-earnings ratio of -588.25, a price-to-earnings-growth ratio of 1.09 and a beta of 1.68. The company has a fifty day moving average of $23.39 and a 200-day moving average of $28.92. The company has a debt-to-equity ratio of 2.91, a quick ratio of 1.03 and a current ratio of 1.03.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 2,150 shares of the company's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.60, for a total value of $55,040.00. Following the completion of the sale, the director owned 1,406 shares of the company's stock, valued at approximately $35,993.60. This represents a 60.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Erik Bradbury sold 2,883 shares of the company's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total transaction of $70,806.48. Following the completion of the sale, the chief accounting officer directly owned 38,168 shares of the company's stock, valued at $937,406.08. This trade represents a 7.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 496,718 shares of company stock worth $12,477,308 over the last 90 days. Company insiders own 47.18% of the company's stock.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.

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