Victory Capital Management Inc. Acquires 21,754 Shares of DraftKings Inc. (NASDAQ:DKNG)

Victory Capital Management Inc. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 17.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 146,431 shares of the company's stock after purchasing an additional 21,754 shares during the quarter. Victory Capital Management Inc.'s holdings in DraftKings were worth $4,863,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Raiffeisen Bank International AG bought a new stake in DraftKings in the fourth quarter worth $25,000. FNY Investment Advisers LLC bought a new stake in DraftKings in the first quarter worth $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the first quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of DraftKings during the fourth quarter worth $28,000. Finally, GPS Wealth Strategies Group LLC lifted its position 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 worth $28,000 after purchasing an additional 564 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Truist Financial lifted their target price on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. BMO Capital Markets reiterated an "outperform" rating and set a $65.00 target price on shares of DraftKings in a research report on Thursday, April 24th. Northland Securities set a $50.00 target price on DraftKings in a research report on Friday, April 25th. Cfra Research upgraded DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Finally, Jefferies Financial Group decreased their target price on DraftKings from $60.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, July 3rd. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $54.38.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction dated 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 owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. The trade was a 4.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $43.53, for a total value of $4,594,765.62. Following the sale, the insider owned 500,000 shares in the company, valued at $21,765,000. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 589,404 shares of company stock worth $22,639,746 over the last ninety days. Insiders own 51.19% of the company's stock.

DraftKings Price Performance

Shares of DKNG stock opened at $44.86 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market capitalization of $39.89 billion, a price-to-earnings ratio of -54.05, a PEG ratio of 1.51 and a beta of 1.67. 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 50-day simple moving average is $39.68 and its 200-day simple moving average is $39.08.

DraftKings 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.

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