Cary Street Partners Investment Advisory LLC grew its holdings in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 5,568.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,920 shares of the company’s stock after buying an additional 9,745 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in DraftKings were worth $264,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in shares of DraftKings by 8.3% during the 2nd quarter. Victory Capital Management Inc. now owns 46,019 shares of the company’s stock worth $1,223,000 after purchasing an additional 3,511 shares during the last quarter. Barrett & Company Inc. acquired a new position in DraftKings during the first quarter worth $32,000. AJ Wealth Strategies LLC purchased a new stake in DraftKings in the 2nd quarter valued at $313,000. Oppenheimer & Co. Inc. increased its stake in shares of DraftKings by 19.7% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 116,774 shares of the company’s stock worth $3,103,000 after acquiring an additional 19,208 shares during the last quarter. Finally, WealthPLAN Partners LLC purchased a new position in shares of DraftKings during the 1st quarter worth $45,000. 32.84% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
DKNG has been the subject of several recent analyst reports. Roth Mkm raised their price objective on shares of DraftKings from $20.00 to $23.00 and gave the stock a “sell” rating in a research report on Monday, August 7th. Benchmark raised their price target on shares of DraftKings from $37.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 15th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a report on Monday. Susquehanna raised their target price on DraftKings from $37.00 to $42.00 and gave the stock a “positive” rating in a research note on Monday, November 13th. Finally, Guggenheim lifted their target price on DraftKings from $39.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.43.
DraftKings Stock Up 0.8 %
Shares of NASDAQ:DKNG opened at $38.68 on Tuesday. DraftKings Inc. has a fifty-two week low of $10.69 and a fifty-two week high of $39.06. The firm’s 50 day moving average price is $30.65 and its 200 day moving average price is $28.49. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.56. The stock has a market cap of $33.24 billion, a price-to-earnings ratio of -17.74 and a beta of 1.81.
Insider Transactions at DraftKings
In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $27.11, for a total value of $5,422,000.00. Following the transaction, the insider now owns 3,811,351 shares of the company’s stock, valued at $103,325,725.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Matthew Kalish sold 105,660 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $34.26, for a total value of $3,619,911.60. Following the completion of the sale, the insider now directly owns 2,820,182 shares of the company’s stock, valued at $96,619,435.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $27.11, for a total value of $5,422,000.00. Following the transaction, the insider now directly owns 3,811,351 shares in the company, valued at approximately $103,325,725.61. The disclosure for this sale can be found here. In the last three months, insiders sold 467,193 shares of company stock valued at $14,515,674. Insiders own 51.19% of the company’s stock.
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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