Tranquility Partners LLC Buys New Stake in DraftKings Inc. (NASDAQ:DKNG)

Tranquility Partners LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 15,890 shares of the company's stock, valued at approximately $528,000.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings in the fourth quarter valued at about $25,000. FNY Investment Advisers LLC acquired a new stake in DraftKings in the first quarter valued at approximately $26,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings in the fourth quarter valued at approximately $28,000. GPS Wealth Strategies Group LLC raised its stake in shares of DraftKings by 197.9% during the first 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. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of DraftKings by 44.8% during 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 hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on DKNG shares. Stifel Nicolaus dropped their price target on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Bank of America dropped their target price on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Jefferies Financial Group reiterated a "buy" rating on shares of DraftKings in a research note on Friday, June 13th. BTIG Research lowered their price objective on DraftKings from $64.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Benchmark upped their target price on DraftKings from $44.00 to $51.00 and gave the company a "buy" rating in a research report on Monday, March 10th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, DraftKings currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.03.

Insider Buying and Selling

In other news, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction 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 transaction, the insider now owns 504,381 shares of the company's stock, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider now directly owns 4,155,130 shares in the company, valued at $157,188,567.90. This trade represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 536,627 shares of company stock valued at $19,748,622 in the last quarter. Company insiders own 51.19% of the company's stock.

DraftKings Stock Performance

DKNG stock opened at $42.23 on Friday. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock has a market capitalization of $37.56 billion, a price-to-earnings ratio of -50.88, a PEG ratio of 1.30 and a beta of 1.63. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The stock's fifty day moving average is $36.18 and its two-hundred day moving average is $38.45.

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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