Teachers Retirement System of The State of Kentucky Buys 59,000 Shares of DraftKings Inc. (NASDAQ:DKNG)

Teachers Retirement System of The State of Kentucky grew its position in DraftKings Inc. (NASDAQ:DKNG) by 28.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 266,500 shares of the company’s stock after purchasing an additional 59,000 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in DraftKings were worth $8,851,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Beacon Pointe Advisors LLC increased its position in DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV increased its holdings in shares of DraftKings by 0.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after purchasing an additional 217 shares during the period. Snowden Capital Advisors LLC increased its holdings in shares of DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after purchasing an additional 296 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the period. Finally, Means Investment CO. Inc. grew its position in DraftKings by 2.9% during the first quarter. Means Investment CO. Inc. now owns 12,574 shares of the company’s stock worth $418,000 after buying an additional 360 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DKNG. BTIG Research decreased their price objective on DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 target price for the company. Morgan Stanley reissued an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. BMO Capital Markets restated an “outperform” rating and issued a $65.00 price objective on shares of DraftKings in a research note on Thursday, April 24th. Finally, Jefferies Financial Group decreased their target price on shares of DraftKings from $60.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.10.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $43.72 on Monday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The stock has a market capitalization of $38.88 billion, a P/E ratio of -52.67, a P/E/G ratio of 1.38 and a beta of 1.67. The business has a 50-day moving average price of $38.97 and a two-hundred day moving average price of $38.84.

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the sale, the chief financial officer directly owned 171,268 shares of the company’s stock, valued at $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 158,331 shares of the firm’s stock in a transaction dated 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 transaction, the insider owned 504,381 shares in the company, 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. Insiders have sold 483,850 shares of company stock worth $18,044,980 in the last 90 days. Corporate insiders own 47.08% 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.