Park Avenue Securities LLC boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 213.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,735 shares of the company's stock after purchasing an additional 78,073 shares during the period. Park Avenue Securities LLC's holdings in DraftKings were worth $3,810,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Raiffeisen Bank International AG purchased a new stake in DraftKings in the fourth quarter worth $25,000. Stonebridge Financial Group LLC bought a new position in DraftKings in the 4th quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings during the 4th quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB raised its holdings in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the period. Finally, Synergy Investment Management LLC purchased a new stake in DraftKings during the 4th quarter valued at approximately $37,000. Institutional investors own 37.70% of the company's stock.
Insider Buying and Selling
In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the transaction, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. The trade was a 7.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction that occurred on 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 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 have sold 1,127,504 shares of company stock worth $42,687,810. 51.19% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of DraftKings from $53.00 to $60.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 18th. BMO Capital Markets reissued an "outperform" rating and set a $65.00 target price on shares of DraftKings in a research report on Thursday, April 24th. JPMorgan Chase & Co. raised their price target on DraftKings from $53.00 to $61.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Stifel Nicolaus cut their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Finally, Bank of America decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $54.41.
Check Out Our Latest Research Report on DKNG
DraftKings Price Performance
Shares of NASDAQ:DKNG traded up $0.32 during midday trading on Wednesday, hitting $37.88. The company's stock had a trading volume of 8,738,956 shares, compared to its average volume of 9,754,089. The company has a market cap of $33.69 billion, a P/E ratio of -35.74, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The business's 50 day simple moving average is $34.72 and its 200 day simple moving average is $38.74.
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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