Cohen Investment Advisors LLC Acquires 2,310 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cohen Investment Advisors LLC boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 74,259 shares of the company’s stock after buying an additional 2,310 shares during the period. Cohen Investment Advisors LLC’s holdings in DraftKings were worth $2,466,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new stake in shares of DraftKings during the 1st quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings during the 1st quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings during the 4th quarter worth approximately $28,000. Finally, GPS Wealth Strategies Group LLC grew its holdings in shares of DraftKings by 197.9% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after purchasing an additional 564 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

DKNG has been the topic of several recent research reports. Guggenheim decreased their price objective on DraftKings from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Cfra Research raised DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Sanford C. Bernstein assumed coverage on DraftKings in a report on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price objective on the stock. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $65.00 price target on shares of DraftKings in a research note on Thursday, April 24th. 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 MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $53.90.

DraftKings Trading Down 1.6%

Shares of DKNG opened at $40.68 on Friday. The company has a market cap of $36.17 billion, a price-to-earnings ratio of -49.01, a PEG ratio of 1.06 and a beta of 1.67. DraftKings Inc. has a 52-week low of $28.69 and a 52-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 stock has a fifty day moving average price of $37.02 and a two-hundred day moving average price of $38.49.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director owned 5,947 shares in the company, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 value of $6,174,909.00. Following the sale, the insider owned 504,381 shares of the company’s stock, valued at approximately $19,670,859. The trade was a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have 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.