Point72 Hong Kong Ltd bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 9,542 shares of the company's stock, valued at approximately $355,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company's stock worth $9,203,000 after purchasing an additional 29,991 shares during the last quarter. Grassi Investment Management increased its position in shares of DraftKings by 16.4% in the 4th quarter. Grassi Investment Management now owns 29,500 shares of the company's stock worth $1,097,000 after purchasing an additional 4,150 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of DraftKings by 172.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 363,986 shares of the company's stock worth $13,540,000 after purchasing an additional 230,252 shares during the last quarter. Park Avenue Securities LLC increased its position in shares of DraftKings by 5.7% in the 4th quarter. Park Avenue Securities LLC now owns 36,662 shares of the company's stock worth $1,364,000 after purchasing an additional 1,966 shares during the last quarter. Finally, Cohen Investment Advisors LLC grew its position in shares of DraftKings by 1.5% during the 4th quarter. Cohen Investment Advisors LLC now owns 71,949 shares of the company's stock valued at $2,677,000 after buying an additional 1,079 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
Analyst Ratings Changes
A number of research analysts have issued reports on DKNG shares. Cowen reissued a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Citigroup dropped their price objective on DraftKings from $65.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Argus set a $60.00 target price on shares of DraftKings in a research note on Tuesday, February 18th. Stifel Nicolaus cut their target price on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, BMO Capital Markets reissued an "outperform" rating and set a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $55.04.
View Our Latest Research Report on DraftKings
Insider Buying and Selling
In other DraftKings news, insider Jason Robins sold 666,651 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $28,279,335.42. Following the sale, the insider now directly owns 3,336,195 shares in the company, valued at approximately $141,521,391.90. This trade represents a 16.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the firm's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $42.42, for a total transaction of $6,730,399.62. Following the completion of the transaction, the chief financial officer now directly owns 179,435 shares of the company's stock, valued at $7,611,632.70. This represents a 46.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,697,908 shares of company stock valued at $112,137,019 in the last 90 days. 51.19% of the stock is owned by insiders.
DraftKings Price Performance
DKNG stock traded down $1.13 during midday trading on Tuesday, reaching $36.07. 7,958,907 shares of the company's stock traded hands, compared to its average volume of 9,914,114. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a 50-day simple moving average of $35.22 and a two-hundred day simple moving average of $39.35. The company has a market cap of $32.08 billion, a price-to-earnings ratio of -34.03, a PEG ratio of 1.43 and a beta of 1.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.
DraftKings 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.
Further Reading
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