Smith Thornton Advisors LLC Has $352,000 Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Smith Thornton Advisors LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 10,590 shares of the company’s stock after buying an additional 475 shares during the period. Smith Thornton Advisors LLC’s holdings in DraftKings were worth $352,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Atria Investments Inc raised its holdings in shares of DraftKings by 47.3% in the fourth quarter. Atria Investments Inc now owns 8,062 shares of the company’s stock valued at $300,000 after purchasing an additional 2,588 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $2,924,000. PNC Financial Services Group Inc. raised its holdings in shares of DraftKings by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 35,663 shares of the company’s stock valued at $1,327,000 after purchasing an additional 1,444 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of DraftKings by 3.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 87,162 shares of the company’s stock valued at $3,242,000 after purchasing an additional 3,272 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in shares of DraftKings by 5.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 42,317 shares of the company’s stock valued at $1,574,000 after purchasing an additional 2,351 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 3.6%

DKNG stock opened at $42.98 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. The company’s 50-day simple moving average is $38.08 and its 200 day simple moving average is $38.61. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The company has a market capitalization of $38.22 billion, a PE ratio of -51.78, a price-to-earnings-growth ratio of 1.34 and a beta of 1.67.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider directly owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 3,136 shares of the company’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the transaction, the director owned 5,947 shares in the company, valued at $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. TD Securities lowered their price objective on shares of DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. 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 report on Friday, May 9th. 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 report on Monday, May 12th. Finally, JPMorgan Chase & Co. began coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price target on the stock. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.93.

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.