Bleakley Financial Group LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 27,111 shares of the company’s stock, valued at approximately $309,000.
Several other institutional investors and hedge funds have also modified their holdings of DKNG. Vanguard Group Inc. raised its position in DraftKings by 6.5% in the 3rd quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock valued at $524,322,000 after purchasing an additional 2,121,342 shares during the last quarter. ARK Investment Management LLC grew its holdings in DraftKings by 1.3% during the 4th quarter. ARK Investment Management LLC now owns 25,032,084 shares of the company’s stock worth $285,115,000 after acquiring an additional 314,790 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in DraftKings by 6.1% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,991,943 shares of the company’s stock valued at $159,368,000 after acquiring an additional 798,877 shares in the last quarter. Northern Trust Corp lifted its position in shares of DraftKings by 1.7% during the first quarter. Northern Trust Corp now owns 1,830,203 shares of the company’s stock worth $35,634,000 after purchasing an additional 30,827 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of DraftKings by 154.7% during the third quarter. Two Sigma Investments LP now owns 1,652,320 shares of the company’s stock valued at $25,016,000 after purchasing an additional 1,003,591 shares during the last quarter. 30.60% of the stock is owned by institutional investors and hedge funds.
DraftKings Trading Down 1.6 %
DKNG stock opened at $24.18 on Tuesday. The stock has a 50-day moving average price of $19.51 and a two-hundred day moving average price of $16.29. DraftKings Inc. has a 1 year low of $9.77 and a 1 year high of $25.34. The stock has a market cap of $20.42 billion, a PE ratio of -8.34 and a beta of 1.80.
Wall Street Analyst Weigh In
DKNG has been the topic of several research reports. MKM Partners downgraded DraftKings from a “neutral” rating to a “sell” rating and set a $15.00 price objective on the stock. in a report on Thursday, February 9th. Roth Mkm boosted their price objective on DraftKings from $15.00 to $18.00 and gave the stock a “sell” rating in a report on Monday. Guggenheim raised their target price on shares of DraftKings from $27.00 to $32.00 in a research note on Monday. Canaccord Genuity Group lifted their price target on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, February 21st. Finally, Truist Financial raised their price objective on shares of DraftKings from $23.00 to $26.00 in a research note on Monday. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $24.32.
Insiders Place Their Bets
In other news, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the sale, the chief accounting officer now directly owns 26,889 shares in the company, valued at $672,225. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Erik Bradbury sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $25.00, for a total value of $75,000.00. Following the completion of the transaction, the chief accounting officer now owns 26,889 shares in the company, valued at approximately $672,225. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 177,011 shares of the business’s stock in a transaction that occurred on Thursday, February 23rd. The stock was sold at an average price of $18.84, for a total value of $3,334,887.24. Following the transaction, the insider now directly owns 600,074 shares in the company, valued at approximately $11,305,394.16. The disclosure for this sale can be found here. Insiders sold a total of 1,748,520 shares of company stock valued at $33,718,171 in the last quarter. 51.19% of the stock is currently owned by insiders.
DraftKings Company Profile
DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.
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