Rhumbline Advisers Purchases 2,177 Shares of DraftKings Inc. (NASDAQ:DKNG)

Rhumbline Advisers lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 0.4% during the 1st quarter, Holdings Channel reports. The firm owned 586,722 shares of the company’s stock after purchasing an additional 2,177 shares during the quarter. Rhumbline Advisers’ holdings in DraftKings were worth $19,485,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Veery Capital LLC boosted its holdings in shares of DraftKings by 2.9% during the 1st quarter. Veery Capital LLC now owns 38,140 shares of the company’s stock worth $1,267,000 after buying an additional 1,075 shares in the last quarter. Avondale Wealth Management boosted its stake in DraftKings by 6.3% during the first quarter. Avondale Wealth Management now owns 67,190 shares of the company’s stock worth $2,231,000 after acquiring an additional 3,990 shares in the last quarter. Parallel Advisors LLC boosted its stake in DraftKings by 4.2% during the first quarter. Parallel Advisors LLC now owns 55,830 shares of the company’s stock worth $1,854,000 after acquiring an additional 2,225 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of DraftKings by 5,118.8% during the 1st quarter. GAMMA Investing LLC now owns 48,952 shares of the company’s stock worth $1,626,000 after purchasing an additional 48,014 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DKNG. Canaccord Genuity Group increased their price target on DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. JMP Securities cut their price target on DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Thursday. Wells Fargo & Company increased their target price on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Barclays cut their target price on DraftKings from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Monday, May 12th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $60.00 target price (up from $48.00) on shares of DraftKings in a report on Tuesday, February 18th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.41.

DraftKings Stock Performance

Shares of DraftKings stock opened at $35.81 on Friday. The business’s fifty day simple moving average is $34.58 and its 200 day simple moving average is $38.86. The firm has a market capitalization of $31.85 billion, a P/E ratio of -33.78, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

Insider Transactions at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $33.49, for a total value of $1,767,501.73. Following the sale, the insider now owns 516,563 shares of the company’s stock, valued at approximately $17,299,694.87. The trade was a 9.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director now directly owns 5,947 shares in the company, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,127,504 shares of company stock worth $42,687,810 in the last ninety days. Company insiders own 51.19% of the company’s stock.

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.