Pallas Capital Advisors LLC Boosts Stake in DraftKings Inc. (NASDAQ:DKNG)

Pallas Capital Advisors LLC increased its position in DraftKings Inc. (NASDAQ:DKNG) by 133.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 63,725 shares of the company’s stock after purchasing an additional 36,400 shares during the period. Pallas Capital Advisors LLC’s holdings in DraftKings were worth $2,116,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock valued at $1,602,327,000 after purchasing an additional 584,452 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock valued at $690,791,000 after purchasing an additional 707,504 shares during the last quarter. FMR LLC lifted its holdings in shares of DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock valued at $299,921,000 after purchasing an additional 89,988 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the subject of several research reports. BTIG Research reduced their target price on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Cfra Research raised DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research note on Thursday, April 24th. Macquarie reduced their price objective on DraftKings from $55.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, May 12th. Finally, Citigroup reduced their price objective on DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 25th. One analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $54.41.

DraftKings Stock Performance

Shares of DKNG stock opened at $36.20 on Tuesday. The company has a market cap of $32.19 billion, a price-to-earnings ratio of -34.15, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24. The stock has a 50 day simple moving average of $34.61 and a 200-day simple moving average of $38.74. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s 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 sale, the insider now owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Paul Liberman sold 643,654 shares of the company’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the sale, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. This represents a 48.53% 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 in the last quarter. Company 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.