Jaffetilchin Investment Partners LLC Decreases Position in DraftKings Inc. (NASDAQ:DKNG)

Jaffetilchin Investment Partners LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.7% during the first quarter, HoldingsChannel reports. The firm owned 15,553 shares of the company’s stock after selling 439 shares during the period. Jaffetilchin Investment Partners LLC’s holdings in DraftKings were worth $517,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Vestmark Advisory Solutions Inc. lifted its stake in DraftKings by 27.7% in 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 in the last quarter. Scholtz & Company LLC purchased a new position in DraftKings in the 4th quarter worth approximately $1,806,000. Whale Rock Capital Management LLC lifted its stake in DraftKings by 9.2% in 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 in the last quarter. Kentucky Retirement Systems purchased a new position in DraftKings in the 1st quarter worth approximately $1,026,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in DraftKings by 2.1% in 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 in 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 topic of a number of research reports. Macquarie decreased their target price on shares of DraftKings from $55.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, May 12th. Guggenheim reduced their price target on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Benchmark lifted their price target on shares of DraftKings from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Northland Securities set a $50.00 price target on shares of DraftKings in a research report on Friday, April 25th. Finally, JMP Securities reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.03.

DraftKings Stock Up 1.6%

DraftKings stock opened at $42.89 on Friday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 2.11, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a 50 day moving average price of $36.37 and a 200 day moving average price of $38.46. The company has a market capitalization of $38.14 billion, a PE ratio of -51.67, a price-to-earnings-growth ratio of 1.28 and a beta of 1.63.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer now owns 171,268 shares in the company, valued at $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the business’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the completion of the transaction, the insider now owns 504,381 shares of the company’s stock, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 536,627 shares of company stock worth $19,748,622. Insiders own 51.19% of the company’s stock.

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.