Garde Capital Inc. Invests $89,000 in DraftKings Inc. (NASDAQ:DKNG)

Garde Capital Inc. purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,672 shares of the company’s stock, valued at approximately $89,000.

Other hedge funds have also modified their holdings of the company. Vestmark Advisory Solutions Inc. grew its holdings in shares of DraftKings by 27.7% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock worth $4,766,000 after purchasing an additional 26,164 shares during the period. Scholtz & Company LLC purchased a new position in shares of DraftKings during the 4th quarter worth $1,806,000. Whale Rock Capital Management LLC grew its holdings in shares of DraftKings by 9.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company’s stock worth $184,954,000 after purchasing an additional 416,881 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of DraftKings by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,241,297 shares of the company’s stock worth $120,576,000 after purchasing an additional 66,042 shares during the period. Finally, Employees Retirement System of Texas purchased a new position in shares of DraftKings during the 4th quarter worth $1,822,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on DKNG shares. BTIG Research lowered 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. Stifel Nicolaus lowered their target price on DraftKings from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Bank of America lowered their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 9th. Cfra Research upgraded DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $54.41.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $40.51 on Friday. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The firm has a market capitalization of $36.03 billion, a PE ratio of -48.81, a price-to-earnings-growth ratio of 1.15 and a beta of 1.63. The stock’s 50-day simple moving average is $35.50 and its 200-day simple moving average is $38.46.

Insider Transactions at DraftKings

In other news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the sale, the insider now owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. This trade represents a 48.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jocelyn Moore sold 3,136 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was 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 in the company, valued at $209,810.16. This trade represents a 34.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,180,281 shares of company stock valued at $44,818,945. Corporate insiders own 51.19% of the company’s stock.

DraftKings Company 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.