Stephens Inc. AR grew its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 26.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,730 shares of the company's stock after buying an additional 8,052 shares during the period. Stephens Inc. AR's holdings in DraftKings were worth $1,286,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Brown Advisory Inc. lifted its position in shares of DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock valued at $252,000 after buying an additional 968 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in DraftKings by 9.3% during the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock worth $2,781,000 after purchasing an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new stake in DraftKings during the 1st quarter worth about $515,000. Allspring Global Investments Holdings LLC lifted its holdings in DraftKings by 18.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock worth $90,558,000 after purchasing an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems purchased a new stake in DraftKings during the 1st quarter worth about $1,026,000. Hedge funds and other institutional investors own 37.70% of the company's stock.
Insiders Place Their Bets
In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, the director owned 5,947 shares in the company, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the sale, the insider owned 504,381 shares of the company's stock, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 536,627 shares of company stock worth $19,748,622. Corporate insiders own 51.19% of the company's stock.
DraftKings Trading Down 0.5%
DKNG traded down $0.22 on Friday, hitting $43.72. 4,733,670 shares of the company were exchanged, compared to its average volume of 9,699,979. The firm has a fifty day simple moving average of $38.82 and a two-hundred day simple moving average of $38.77. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The stock has a market capitalization of $38.88 billion, a PE ratio of -52.67, a price-to-earnings-growth ratio of 1.37 and a beta of 1.67.
Analyst Ratings Changes
DKNG has been the topic of a number of recent research reports. Cfra Research raised DraftKings to a "moderate buy" rating in a report on Monday, April 14th. Cowen reissued a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Jefferies Financial Group dropped their price objective on DraftKings from $60.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, July 3rd. JPMorgan Chase & Co. began coverage on DraftKings in a research note on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price on the stock. Finally, Guggenheim decreased their target price on DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. 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. According to MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $54.10.
Check Out Our Latest Report on DraftKings
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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