Poinciana Advisors Group LLC Purchases Shares of 6,320 DraftKings Inc. (NASDAQ:DKNG)

Poinciana Advisors Group LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,320 shares of the company's stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Raiffeisen Bank International AG bought a new stake in shares of DraftKings in the fourth quarter worth about $25,000. FNY Investment Advisers LLC bought a new stake in shares of DraftKings in the first quarter worth about $26,000. Smallwood Wealth Investment Management LLC bought a new stake in shares of DraftKings in the first quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings in the fourth quarter worth about $28,000. Finally, GPS Wealth Strategies Group LLC increased its holdings in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after purchasing an additional 564 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Truist Financial reduced their target price on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a research report on Thursday, April 24th. Morgan Stanley dropped their price target on DraftKings from $53.00 to $51.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 price target on shares of DraftKings in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. began coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price target for the company. One equities research 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.90.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $42.80 on Thursday. The company has a market capitalization of $38.06 billion, a price-to-earnings ratio of -51.57, a price-to-earnings-growth ratio of 1.32 and a beta of 1.67. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The firm has a 50 day moving average of $37.68 and a 200 day moving average of $38.54.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction on 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 transaction, the insider directly owned 4,155,130 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 536,627 shares of company stock worth $19,748,622. 51.19% of the stock is currently owned by corporate insiders.

About DraftKings

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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