DraftKings Inc. (NASDAQ:DKNG) Shares Sold by Bernard Wealth Management Corp.

Bernard Wealth Management Corp. reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 49.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,280 shares of the company’s stock after selling 1,250 shares during the quarter. Bernard Wealth Management Corp.’s holdings in DraftKings were worth $43,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Raiffeisen Bank International AG acquired a new position in DraftKings in the fourth quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings in the fourth quarter valued at approximately $28,000. Stonebridge Financial Group LLC acquired a new position in DraftKings during the fourth quarter worth approximately $28,000. GPS Wealth Strategies Group LLC increased its position in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after purchasing an additional 564 shares during the last quarter. Finally, Synergy Investment Management LLC purchased a new stake in DraftKings during the fourth quarter worth approximately $37,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. BTIG Research reduced their price target on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Cowen restated a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Sanford C. Bernstein began coverage on shares of DraftKings in a research note on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 price objective on the stock. Guggenheim dropped their price target on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Finally, Bank of America lowered their target price on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.41.

DraftKings Stock Performance

DraftKings stock opened at $36.50 on Friday. The firm has a market capitalization of $32.46 billion, a P/E ratio of -34.43, a PEG 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 fifty day moving average price of $35.03 and a 200 day moving average price of $38.65. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings 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 transaction, the insider now directly owns 653,843 shares in the company, valued at approximately $25,499,877. This trade represents a 7.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the transaction, the insider now owns 682,764 shares in the company, valued at approximately $26,593,657.80. This trade represents a 48.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,074,727 shares of company stock valued at $40,702,339 in the last quarter. 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.