DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by City Holding Co.

City Holding Co. grew its position in DraftKings Inc. (NASDAQ:DKNG) by 23.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,120 shares of the company’s stock after purchasing an additional 400 shares during the period. City Holding Co.’s holdings in DraftKings were worth $70,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of DKNG. Janus Henderson Group PLC boosted its stake in shares of DraftKings by 31,346.8% in 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 last quarter. Norges Bank purchased a new stake in shares of DraftKings in the fourth quarter worth about $276,328,000. FMR LLC boosted its stake in shares of DraftKings by 110.6% in 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 during the last quarter. Baillie Gifford & Co. purchased a new stake in shares of DraftKings in the fourth quarter worth about $246,765,000. Finally, Eminence Capital LP purchased a new stake in shares of DraftKings in the fourth quarter worth about $65,255,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In related news, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the sale, the insider now owns 653,843 shares of the company’s stock, valued at approximately $25,499,877. This trade represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the sale, the director now directly owns 5,947 shares of the company’s stock, valued at approximately $209,810.16. This represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,127,504 shares of company stock worth $42,687,810 over the last quarter. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Stifel Nicolaus lowered their target price on DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Sanford C. Bernstein assumed coverage on DraftKings in a research note on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 target price on the stock. JPMorgan Chase & Co. upped their target price on DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Macquarie lowered their price target on DraftKings from $55.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, May 12th. Finally, Susquehanna increased their price target on DraftKings from $42.00 to $52.00 and gave the stock a “positive” rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $54.41.

DraftKings Stock Performance

NASDAQ DKNG opened at $36.20 on Tuesday. The company has a market cap of $32.19 billion, a PE ratio of -34.15, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63. The stock’s 50 day simple moving average is $34.61 and its 200-day simple moving average is $38.74. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. 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 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.