Swiss National Bank trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 823,464 shares of the company’s stock after selling 97,200 shares during the quarter. Swiss National Bank owned 0.10% of DraftKings worth $15,942,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in DKNG. AJ Wealth Strategies LLC acquired a new position in DraftKings during the first quarter worth about $306,000. MetLife Investment Management LLC acquired a new position in DraftKings during the first quarter worth about $387,000. Panagora Asset Management Inc. grew its position in DraftKings by 49.0% during the first quarter. Panagora Asset Management Inc. now owns 29,993 shares of the company’s stock worth $584,000 after buying an additional 9,866 shares during the period. Cibc World Market Inc. grew its position in DraftKings by 26.2% during the first quarter. Cibc World Market Inc. now owns 21,719 shares of the company’s stock worth $423,000 after buying an additional 4,512 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in DraftKings by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 49,464 shares of the company’s stock worth $963,000 after buying an additional 1,270 shares during the period. 30.57% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
DKNG has been the topic of several recent analyst reports. Piper Sandler upped their target price on shares of DraftKings from $30.00 to $35.00 in a research report on Friday, July 14th. Morgan Stanley increased their price target on shares of DraftKings from $32.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, August 8th. VNET Group reiterated a “reiterates” rating on shares of DraftKings in a research report on Tuesday, June 27th. Needham & Company LLC reiterated a “buy” rating and issued a $36.00 price target on shares of DraftKings in a research report on Friday, August 4th. Finally, BTIG Research increased their price target on shares of DraftKings from $34.00 to $39.00 in a research report on Friday, August 4th. Four analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.58.
Insider Transactions at DraftKings
In other news, insider Matthew Kalish sold 311,207 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $34.30, for a total value of $10,674,400.10. Following the completion of the sale, the insider now owns 2,788,200 shares of the company’s stock, valued at $95,635,260. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Erik Bradbury sold 3,000 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $30.12, for a total transaction of $90,360.00. Following the completion of the sale, the chief accounting officer now directly owns 25,070 shares of the company’s stock, valued at approximately $755,108.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Matthew Kalish sold 311,207 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $34.30, for a total transaction of $10,674,400.10. Following the sale, the insider now directly owns 2,788,200 shares of the company’s stock, valued at $95,635,260. The disclosure for this sale can be found here. Insiders sold 711,426 shares of company stock valued at $22,444,911 over the last 90 days. Corporate insiders own 55.92% of the company’s stock.
DraftKings Price Performance
DraftKings stock opened at $27.24 on Wednesday. DraftKings Inc. has a 52-week low of $10.69 and a 52-week high of $34.49. The firm has a fifty day moving average of $28.35 and a 200-day moving average of $23.34. The firm has a market capitalization of $23.34 billion, a P/E ratio of -10.60 and a beta of 1.81. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.23.
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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