Teachers Retirement System of The State of Kentucky raised its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 28.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 266,500 shares of the company's stock after acquiring an additional 59,000 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in DraftKings were worth $8,851,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the stock. Thrivent Financial for Lutherans raised its stake in DraftKings by 6.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 8,554 shares of the company's stock worth $318,000 after buying an additional 544 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of DraftKings during the fourth quarter valued at about $1,386,000. American Century Companies Inc. grew its holdings in shares of DraftKings by 92.7% during the fourth quarter. American Century Companies Inc. now owns 42,322 shares of the company's stock valued at $1,574,000 after buying an additional 20,365 shares during the last quarter. Intellus Advisors LLC acquired a new position in shares of DraftKings during the fourth quarter valued at about $202,000. Finally, Mosley Wealth Management acquired a new position in shares of DraftKings during the fourth quarter valued at about $220,000. 37.70% of the stock is owned by institutional investors.
Insiders Place Their Bets
In related news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $37.83, for a total transaction of $7,944,300.00. Following the sale, the insider directly owned 4,155,130 shares in the company, valued at $157,188,567.90. This represents a 4.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction 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 in the company, valued at $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 483,850 shares of company stock worth $18,044,980 over the last quarter. 47.08% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of research firms have commented on DKNG. Northland Securities set a $50.00 price target on shares of DraftKings in a research note on Friday, April 25th. Guggenheim lowered their price target on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, May 12th. JMP Securities reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Thursday, June 5th. Citigroup reissued a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Finally, Benchmark increased their price target on shares of DraftKings from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.10.
View Our Latest Report on DKNG
DraftKings Trading Up 0.2%
Shares of DraftKings stock traded up $0.09 on Tuesday, reaching $44.56. 8,774,307 shares of the company were exchanged, compared to its average volume of 9,711,491. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The firm has a market capitalization of $39.63 billion, a price-to-earnings ratio of -53.69, a price-to-earnings-growth ratio of 1.38 and a beta of 1.67. The stock has a fifty day moving average price of $38.97 and a 200-day moving average price of $38.84.
DraftKings Company Profile
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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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