DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Vident Advisory LLC

Vident Advisory LLC lowered its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 23.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,255 shares of the company's stock after selling 14,104 shares during the quarter. Vident Advisory LLC's holdings in DraftKings were worth $1,758,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Beacon Pointe Advisors LLC lifted its holdings in shares of DraftKings by 1.9% during the 4th 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 grew its position in DraftKings by 0.3% during the 4th 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 grew its position in DraftKings by 8.0% during the 4th 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 shares of DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after acquiring an additional 296 shares during the period. Finally, Nvwm LLC lifted its stake in DraftKings by 1.6% in the 4th quarter. Nvwm LLC now owns 19,343 shares of the company's stock valued at $720,000 after buying 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 recently commented on DKNG shares. BTIG Research reduced their price target on shares of DraftKings from $64.00 to $52.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Canaccord Genuity Group boosted their target price on shares of DraftKings from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Jefferies Financial Group set a $60.00 target price on shares of DraftKings and gave the stock a "buy" rating in a research note on Sunday, April 13th. Morgan Stanley boosted their price target on shares of DraftKings from $49.00 to $53.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Finally, Bank of America reduced their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $55.04.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction 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 transaction, the insider now directly owns 4,140,509 shares of the company's stock, valued at $168,146,070.49. This trade represents a 4.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer now directly owns 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,285,011 shares of company stock valued at $49,481,410 over the last quarter. Company insiders own 51.19% of the company's stock.

DraftKings Trading Down 0.9%

Shares of DKNG traded down $0.32 on Wednesday, hitting $35.24. 1,216,816 shares of the stock traded hands, compared to its average volume of 9,835,703. 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 firm has a market capitalization of $31.33 billion, a P/E ratio of -33.25, a P/E/G ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61. The stock's 50 day moving average is $34.91 and its two-hundred day moving average is $39.23.

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.