DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Toronto Dominion Bank

Toronto Dominion Bank grew its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 44.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,784 shares of the company's stock after buying an additional 30,779 shares during the quarter. Toronto Dominion Bank's holdings in DraftKings were worth $3,712,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Beacon Pointe Advisors LLC lifted its stake in DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after purchasing an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV increased its holdings in shares of DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after purchasing an additional 217 shares during the period. Allworth Financial LP increased its holdings in shares of DraftKings by 8.0% in the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company's stock worth $150,000 after purchasing an additional 271 shares during the period. Snowden Capital Advisors LLC grew its position in DraftKings by 3.5% in the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after acquiring an additional 296 shares in the last quarter. Finally, Nvwm LLC grew its position in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company's stock worth $720,000 after acquiring an additional 312 shares in the last quarter. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Cowen restated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price target on shares of DraftKings in a research note on Friday, May 9th. Macquarie decreased their target price 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. TD Cowen decreased their target price on shares of DraftKings from $55.00 to $51.00 and set a "buy" rating for the company in a research note on Tuesday, February 4th. Finally, Truist Financial reduced their price target on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $55.04.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm'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 directly owns 601,520 shares in the company, valued at $19,417,065.60. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $40.61, for a total transaction of $8,528,100.00. Following the completion of the sale, the insider now owns 4,140,509 shares of the company's stock, valued at approximately $168,146,070.49. This trade represents a 4.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,285,011 shares of company stock worth $49,481,410. Insiders own 51.19% of the company's stock.

DraftKings Price Performance

NASDAQ DKNG traded up $0.46 on Tuesday, reaching $35.54. The company had a trading volume of 4,246,330 shares, compared to its average volume of 9,859,036. The firm's 50 day moving average price is $34.97 and its 200 day moving average price is $39.26. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $31.60 billion, a PE ratio of -33.50, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89.

DraftKings Company Profile

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.