Kornitzer Capital Management Inc. KS Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Kornitzer Capital Management Inc. KS increased its position in DraftKings Inc. (NASDAQ:DKNG) by 1.6% in the first quarter, Holdings Channel.com reports. The fund owned 226,437 shares of the company’s stock after purchasing an additional 3,457 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in DraftKings were worth $7,520,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Jefferies Financial Group decreased their target price on shares of DraftKings from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, July 3rd. Mizuho decreased their target price on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating for the company in a research note on Monday, May 12th. Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Finally, Citigroup reiterated a “buy” rating on shares of DraftKings in a research note on Friday. One investment analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.90.

DraftKings Trading Up 0.0%

Shares of DraftKings stock opened at $43.80 on Wednesday. The company has a market capitalization of $38.95 billion, a P/E ratio of -52.77, a P/E/G ratio of 1.37 and a beta of 1.67. 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 has a fifty day moving average of $38.48 and a 200 day moving average of $38.69. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Insider Activity

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of the company’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 owned 171,268 shares of the company’s stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 158,331 shares of the company’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 directly owned 504,381 shares of the company’s stock, valued at $19,670,859. This represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 536,627 shares of company stock worth $19,748,622. 47.08% of the stock is currently owned by corporate insiders.

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.