NorthCrest Asset Manangement LLC Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

NorthCrest Asset Manangement LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 9,149 shares of the company's stock, valued at approximately $304,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DKNG. Raiffeisen Bank International AG bought a new position in DraftKings in the 4th quarter valued at approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings in the fourth quarter worth $28,000. GPS Wealth Strategies Group LLC lifted its holdings in shares of 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 in the last quarter. Synergy Investment Management LLC purchased a new stake in shares of DraftKings during the fourth quarter valued at $37,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after buying an additional 317 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director now directly owns 5,947 shares of the company's stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction on Friday, May 16th. The stock was 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 owns 171,268 shares in the company, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,021,950 shares of company stock worth $38,644,036. 51.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. BTIG Research dropped their price target on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Morgan Stanley lowered their price target on DraftKings from $53.00 to $51.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Argus set a $60.00 price objective on DraftKings in a research report on Tuesday, February 18th. Finally, Stifel Nicolaus dropped their target price on DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.41.

DraftKings Trading Up 3.7%

Shares of DraftKings stock traded up $1.36 on Monday, reaching $37.86. The company had a trading volume of 7,254,275 shares, compared to its average volume of 10,729,659. The firm has a market cap 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 company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The firm's 50-day moving average price is $35.03 and its two-hundred day moving average price is $38.59. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

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.