Employees Retirement System of Texas Makes New $1.82 Million Investment in DraftKings Inc. (NASDAQ:DKNG)

Employees Retirement System of Texas purchased a new position in DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 48,970 shares of the company’s stock, valued at approximately $1,822,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new position in DraftKings in the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the 4th quarter worth approximately $28,000. Stonebridge Financial Group LLC purchased a new position in DraftKings during the 4th quarter worth approximately $28,000. Synergy Asset Management LLC purchased a new position in DraftKings during the 4th quarter worth approximately $30,000. Finally, Synergy Investment Management LLC purchased a new position in DraftKings during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the transaction, the insider now owns 706,620 shares in the company, valued at approximately $26,583,044.40. The trade was a 6.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 3,420 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $42.00, for a total transaction of $143,640.00. Following the transaction, the director now owns 1,612 shares in the company, valued at approximately $67,704. The trade was a 67.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,285,011 shares of company stock valued at $49,481,410 in the last quarter. Insiders own 51.19% of the company’s stock.

DraftKings Stock Up 0.6%

DraftKings stock opened at $35.08 on Tuesday. The firm has a market cap of $31.20 billion, a price-to-earnings ratio of -33.09, a P/E/G ratio of 1.43 and a beta of 1.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a fifty day moving average price of $34.97 and a two-hundred day moving average price of $39.26.

Analyst Ratings Changes

Several research firms have weighed in on DKNG. Barclays lowered their price objective on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Monday, May 12th. 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. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Benchmark lifted their target price on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, Canaccord Genuity Group lifted their target price on shares of DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Two analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.04.

DraftKings Company 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.