Poinciana Advisors Group LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Poinciana Advisors Group LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 6,320 shares of the company's stock, valued at approximately $210,000.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in DraftKings by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after purchasing an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company's stock worth $690,791,000 after acquiring an additional 707,504 shares during the last quarter. FMR LLC raised its position in shares of DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in DraftKings by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company's stock worth $299,921,000 after purchasing an additional 89,988 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of the company's 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 completion of the transaction, the chief financial officer directly owned 171,268 shares in the company, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total value of $7,944,300.00. Following the completion of the transaction, the insider owned 4,155,130 shares of the company's stock, valued at $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 536,627 shares of company stock valued at $19,748,622 in the last ninety days. Corporate insiders own 51.19% of the company's stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded down $1.36 during midday trading on Friday, reaching $43.22. 4,639,385 shares of the company traded hands, compared to its average volume of 9,705,726. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The firm has a market capitalization of $38.43 billion, a price-to-earnings ratio of -52.07, a price-to-earnings-growth ratio of 1.34 and a beta of 1.67. The firm's fifty day moving average price is $37.91 and its two-hundred day moving average price is $38.58.

Analyst Ratings Changes

A number of brokerages have commented on DKNG. Macquarie reduced their price objective on DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. JPMorgan Chase & Co. initiated coverage on DraftKings in a report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price on the stock. Sanford C. Bernstein initiated coverage on DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price on the stock. Needham & Company LLC restated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. Finally, Morgan Stanley raised their target price on DraftKings from $51.00 to $52.00 and gave the company an "overweight" rating in a report on Friday. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $53.93.

DraftKings 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.