Private Advisor Group LLC Sells 8,055 Shares of DraftKings Inc. (NASDAQ:DKNG)

Private Advisor Group LLC trimmed its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 7.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,489 shares of the company's stock after selling 8,055 shares during the quarter. Private Advisor Group LLC's holdings in DraftKings were worth $3,138,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings in the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in DraftKings in the 4th quarter valued at $28,000. FNY Investment Advisers LLC bought a new stake in DraftKings in the 1st quarter valued at $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the 1st quarter valued at $27,000. Finally, GPS Wealth Strategies Group LLC boosted its holdings in DraftKings by 197.9% in the 1st 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 during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on DKNG shares. Benchmark reissued a "buy" rating and issued a $50.00 price target (up from $45.00) on shares of DraftKings in a report on Tuesday, July 15th. Needham & Company LLC restated a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a research note on Friday, May 9th. Bank of America dropped 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. JPMorgan Chase & Co. initiated coverage on shares of DraftKings in a research note on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price objective for the company. Finally, Macquarie dropped their price objective on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $54.38.

DraftKings Price Performance

NASDAQ:DKNG traded up $0.82 during mid-day trading on Friday, reaching $44.86. 4,767,604 shares of the company were exchanged, compared to its average volume of 8,140,658. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a fifty day moving average of $39.68 and a 200 day moving average of $39.08. 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 stock has a market cap of $39.89 billion, a PE ratio of -54.05, a PEG ratio of 1.51 and a beta of 1.67.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 3,136 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director owned 5,947 shares of the company's stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider directly owned 504,381 shares in the company, valued at $19,670,859. This trade represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 589,404 shares of company stock worth $22,639,746 over the last quarter. Company insiders own 51.19% of the company's stock.

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.