Pallas Capital Advisors LLC Purchases 36,400 Shares of DraftKings Inc. (NASDAQ:DKNG)

Pallas Capital Advisors LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 133.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,725 shares of the company's stock after purchasing an additional 36,400 shares during the quarter. Pallas Capital Advisors LLC's holdings in DraftKings were worth $2,116,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of DraftKings by 26.1% during the first quarter. Farther Finance Advisors LLC now owns 3,127 shares of the company's stock valued at $104,000 after purchasing an additional 647 shares in the last quarter. City Holding Co. boosted its position in shares of DraftKings by 23.3% during the first quarter. City Holding Co. now owns 2,120 shares of the company's stock valued at $70,000 after purchasing an additional 400 shares in the last quarter. CHICAGO TRUST Co NA boosted its position in shares of DraftKings by 41.1% during the first quarter. CHICAGO TRUST Co NA now owns 10,371 shares of the company's stock valued at $344,000 after purchasing an additional 3,021 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of DraftKings by 213.0% during the first quarter. Park Avenue Securities LLC now owns 114,735 shares of the company's stock valued at $3,810,000 after purchasing an additional 78,073 shares in the last quarter. Finally, Gateway Investment Advisers LLC boosted its holdings in DraftKings by 190.7% in the first quarter. Gateway Investment Advisers LLC now owns 65,273 shares of the company's stock worth $2,168,000 after acquiring an additional 42,819 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on DKNG. JPMorgan Chase & Co. boosted their target price on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Sanford C. Bernstein assumed coverage on DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price on the stock. Cowen reaffirmed a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. BMO Capital Markets reaffirmed an "outperform" rating and set a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Finally, TD Securities lowered their price target on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $54.41.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction dated 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 owns 5,947 shares in the company, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction dated 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 now owns 171,268 shares of the company's stock, valued at $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,074,727 shares of company stock worth $40,702,339. 51.19% of the stock is owned by corporate insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $1.48 during trading on Friday, hitting $36.50. 10,172,166 shares of the company's stock were exchanged, compared to its average volume of 9,748,873. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The business's 50-day simple moving average is $34.94 and its 200 day simple moving average is $38.70. The company has a market cap of $32.46 billion, a price-to-earnings ratio of -34.43, a PEG ratio of 1.43 and a beta of 1.63.

DraftKings Company Profile

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.