DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Independence Bank of Kentucky

Independence Bank of Kentucky lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 115.9% during the first quarter, Holdings Channel reports. The institutional investor owned 26,528 shares of the company’s stock after purchasing an additional 14,243 shares during the quarter. Independence Bank of Kentucky’s holdings in DraftKings were worth $881,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DKNG. Vanguard Group Inc. boosted its position in shares of DraftKings by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after purchasing an additional 584,452 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in DraftKings by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after buying an additional 707,504 shares in the last quarter. FMR LLC boosted its holdings in DraftKings by 110.6% during the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after buying an additional 7,150,382 shares in the last quarter. Janus Henderson Group PLC grew its position in DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after buying an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC increased its holdings in DraftKings by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after buying an additional 89,988 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on DKNG shares. BMO Capital Markets reissued an “outperform” rating and set a $65.00 price target on shares of DraftKings in a research note on Thursday, April 24th. Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th. TD Securities dropped their price target on DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their price objective 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. Finally, Wells Fargo & Company lifted their target price on shares of DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.41.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the transaction, the chief financial officer now directly owns 171,268 shares of the company’s stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director now directly owns 5,947 shares of the company’s stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,127,504 shares of company stock valued at $42,687,810. Insiders own 51.19% of the company’s stock.

DraftKings Stock Up 6.2%

DKNG opened at $35.81 on Friday. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61. The business has a 50-day moving average of $34.58 and a two-hundred day moving average of $38.83. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The stock has a market capitalization of $31.85 billion, a price-to-earnings ratio of -33.78, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89.

DraftKings 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.