Net Worth Advisory Group Makes New $398,000 Investment in DraftKings Inc. (NASDAQ:DKNG)

Net Worth Advisory Group acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,990 shares of the company's stock, valued at approximately $398,000.

Several other institutional investors have also added to or reduced their stakes in the business. Raiffeisen Bank International AG purchased a new stake in shares of DraftKings during the fourth quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in DraftKings in the fourth quarter worth $28,000. Stonebridge Financial Group LLC bought a new position in DraftKings in the fourth quarter worth $28,000. GPS Wealth Strategies Group LLC raised its holdings in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after purchasing an additional 564 shares in the last quarter. Finally, Synergy Investment Management LLC bought a new position in DraftKings in the fourth quarter worth $37,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DKNG. Bank of America reduced their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Barclays reduced their price target on DraftKings from $50.00 to $48.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Argus set a $60.00 price objective on DraftKings in a report on Tuesday, February 18th. Truist Financial cut their price target on DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Cfra Research raised DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company's stock. According to MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and an average target price of $54.41.

DraftKings Price Performance

NASDAQ:DKNG traded up $1.36 during midday trading on Monday, hitting $37.86. 7,255,506 shares of the stock were exchanged, compared to its average volume of 9,748,814. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The company has a market capitalization of $33.67 billion, a price-to-earnings ratio of -35.72, a P/E/G ratio of 1.43 and a beta of 1.63. The business has a 50-day moving average price of $35.15 and a two-hundred day moving average price of $38.55. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the company's 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $33.49, for a total transaction of $1,767,501.73. Following the completion of the sale, the insider now owns 516,563 shares of the company's stock, valued at $17,299,694.87. This represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,021,950 shares of company stock valued at $38,644,036. Corporate insiders own 51.19% of the company's stock.

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.