QRG Capital Management Inc. Raises Position in DraftKings Inc. (NASDAQ:DKNG)

QRG Capital Management Inc. boosted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,612 shares of the company's stock after purchasing an additional 7,340 shares during the period. QRG Capital Management Inc.'s holdings in DraftKings were worth $2,378,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Beacon Pointe Advisors LLC lifted its position in shares of DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after buying an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after acquiring an additional 217 shares during the period. Allworth Financial LP lifted its holdings in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock valued at $150,000 after purchasing an additional 271 shares during the last quarter. Snowden Capital Advisors LLC boosted its position in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after purchasing an additional 296 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after purchasing an additional 317 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DKNG. Citigroup restated a "buy" rating on shares of DraftKings in a research note on Friday, June 13th. TD Securities dropped their target price on DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. JMP Securities reduced their price target on DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Sanford C. Bernstein began coverage on DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price objective on the stock. Finally, Cowen restated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $54.41.

DraftKings Stock Up 3.9%

Shares of DKNG opened at $39.60 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a 50 day simple moving average of $35.37 and a two-hundred day simple moving average of $38.52. The firm has a market cap of $35.22 billion, a P/E ratio of -47.71, a P/E/G ratio of 1.12 and a beta of 1.63.

Insider Activity at DraftKings

In related news, insider Paul Liberman sold 643,654 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the transaction, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. This trade represents a 48.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the sale, the insider now owns 601,520 shares of the company's stock, valued at $19,417,065.60. The trade was a 8.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,021,950 shares of company stock valued at $38,644,036. 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.

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