Stablepoint Partners LLC Purchases 501 Shares of DraftKings Inc. (NASDAQ:DKNG)

Stablepoint Partners LLC increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 7.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,207 shares of the company’s stock after purchasing an additional 501 shares during the quarter. Stablepoint Partners LLC’s holdings in DraftKings were worth $239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Beacon Pointe Advisors LLC boosted its holdings in shares of DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after purchasing an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV grew its stake in DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after purchasing an additional 217 shares during the period. Allworth Financial LP increased its stake in shares of DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares in the last quarter. Snowden Capital Advisors LLC increased its stake in shares of DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock valued at $325,000 after purchasing an additional 296 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on DKNG shares. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Mizuho dropped their target price on DraftKings from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Monday, May 12th. Benchmark raised their target price on DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Jefferies Financial Group set a $60.00 price target on shares of DraftKings and gave the stock a “buy” rating in a research report on Sunday, April 13th. Finally, Cfra Research raised DraftKings to a “moderate buy” rating in a report on Monday, April 14th. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.41.

DraftKings Stock Up 6.2%

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

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the completion of the sale, the insider now directly owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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 transaction, the director now directly owns 5,947 shares in the company, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,127,504 shares of company stock valued at $42,687,810. Corporate insiders own 51.19% of the company’s stock.

About DraftKings

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.