Parcion Private Wealth LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 12,327 shares of the company's stock, valued at approximately $409,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of DraftKings during the 4th quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the 4th quarter valued at about $28,000. FNY Investment Advisers LLC bought a new stake in DraftKings during the first quarter worth about $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings in the first quarter worth about $27,000. Finally, GPS Wealth Strategies Group LLC increased its stake 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. Institutional investors own 37.70% of the company's stock.
Analysts Set New Price Targets
DKNG has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. TD Securities reduced their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, April 24th. JMP Securities lowered their price target on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a report on Thursday, June 5th. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price objective on the stock. Finally, Truist Financial boosted their target price on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $54.10.
Check Out Our Latest Analysis on DKNG
Insider Activity at DraftKings
In other DraftKings news, 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 transaction of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider owned 504,381 shares of the company's stock, valued at $19,670,859. The trade was a 23.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is currently owned by corporate insiders.
DraftKings Stock Down 0.5%
Shares of DKNG stock traded down $0.22 during trading hours on Friday, reaching $43.72. 4,734,238 shares of the company's stock were exchanged, compared to its average volume of 9,707,398. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The stock's 50 day moving average is $38.97 and its 200-day moving average is $38.82. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The company has a market cap of $38.88 billion, a price-to-earnings ratio of -52.67, a P/E/G ratio of 1.39 and a beta of 1.67.
About DraftKings
(
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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