GLOBALT Investments LLC GA Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

GLOBALT Investments LLC GA acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,971 shares of the company’s stock, valued at approximately $464,000.

Several other hedge funds have also recently modified their holdings of the stock. Janus Henderson Group PLC grew its position in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Norges Bank bought a new position in DraftKings during the fourth quarter valued at approximately $276,328,000. FMR LLC grew its holdings in DraftKings by 110.6% during the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after buying an additional 7,150,382 shares in the last quarter. Baillie Gifford & Co. grew its holdings in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after buying an additional 1,756,778 shares in the last quarter. Finally, Eminence Capital LP bought a new stake in DraftKings in the 4th quarter worth approximately $65,255,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DraftKings stock opened at $44.86 on Friday. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The stock has a market cap of $39.89 billion, a price-to-earnings ratio of -54.05, a price-to-earnings-growth ratio of 1.51 and a beta of 1.67. The firm has a 50-day moving average of $39.68 and a two-hundred day moving average of $39.08. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 3,136 shares of the 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 transaction, the director owned 5,947 shares of the company’s stock, valued at approximately $209,810.16. This represents a 34.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the transaction, the insider owned 4,155,130 shares in the company, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 589,404 shares of company stock worth $22,639,746 over the last three months. Company insiders own 51.19% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. Susquehanna increased their target price on DraftKings from $52.00 to $60.00 and gave the company a “positive” rating in a research report on Friday. Stifel Nicolaus decreased their price target on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a research note on Friday, May 9th. Citigroup restated a “buy” rating on shares of DraftKings in a report on Friday, July 11th. Finally, BTIG Research dropped their price target on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.38.

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.