Oak Thistle LLC boosted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 194.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,579 shares of the company's stock after acquiring an additional 55,879 shares during the period. Oak Thistle LLC's holdings in DraftKings were worth $2,809,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG purchased a new stake in DraftKings in the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC purchased a new stake in DraftKings in the 1st quarter valued at approximately $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings in the 1st quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings in the 4th quarter valued at approximately $28,000. Finally, GPS Wealth Strategies Group LLC boosted its holdings in DraftKings by 197.9% in the 1st 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. Institutional investors and hedge funds own 37.70% of the company's stock.
Analyst Upgrades and Downgrades
DKNG has been the topic of several research analyst reports. Cowen reissued a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Morgan Stanley reissued an "overweight" rating and set a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. JMP Securities decreased their price target on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. JPMorgan Chase & Co. initiated coverage on DraftKings in a research note on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. Finally, Sanford C. Bernstein initiated coverage on DraftKings in a research note on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.38.
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DraftKings Trading Up 1.9%
DKNG traded up $0.82 during trading on Friday, hitting $44.86. The company's stock had a trading volume of 4,767,604 shares, compared to its average volume of 8,140,658. The firm's 50 day moving average price is $39.68 and its 200-day moving average price is $39.08. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market cap of $39.89 billion, a PE ratio of -54.05, a PEG ratio of 1.51 and a beta of 1.67. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61.
Insiders Place Their Bets
In other news, insider R Stanton Dodge sold 158,331 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the sale, the insider directly owned 504,381 shares in the company, valued at $19,670,859. This represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company's 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 sale, the chief financial officer owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 589,404 shares of company stock valued at $22,639,746. Insiders own 51.19% of the company's stock.
DraftKings Company Profile
(
Free Report)
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.
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