Silvercrest Asset Management Group LLC Has $654,000 Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Silvercrest Asset Management Group LLC grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 36.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,574 shares of the company’s stock after purchasing an additional 4,674 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in DraftKings were worth $654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Principal Financial Group Inc. lifted its stake in shares of DraftKings by 14.6% in the 3rd quarter. Principal Financial Group Inc. now owns 234,768 shares of the company’s stock valued at $9,203,000 after purchasing an additional 29,991 shares during the period. Grassi Investment Management lifted its stake in shares of DraftKings by 16.4% in the 4th quarter. Grassi Investment Management now owns 29,500 shares of the company’s stock valued at $1,097,000 after purchasing an additional 4,150 shares during the period. Harbor Investment Advisory LLC lifted its stake in shares of DraftKings by 17.3% in the 4th quarter. Harbor Investment Advisory LLC now owns 34,217 shares of the company’s stock valued at $1,273,000 after purchasing an additional 5,056 shares during the period. Atwood & Palmer Inc. lifted its stake in shares of DraftKings by 1.8% in the 4th quarter. Atwood & Palmer Inc. now owns 524,259 shares of the company’s stock valued at $19,502,000 after purchasing an additional 9,184 shares during the period. Finally, Perfromance Wealth Partners LLC acquired a new position in shares of DraftKings in the 4th quarter valued at about $249,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 666,651 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $28,279,335.42. Following the transaction, the insider now owns 3,336,195 shares in the company, valued at $141,521,391.90. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares in the company, valued at $19,417,065.60. The trade was a 8.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,697,908 shares of company stock worth $112,137,019 in the last 90 days. Insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $65.00 target price on shares of DraftKings in a research report on Friday, May 9th. Barclays decreased their target price on DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, May 12th. JPMorgan Chase & Co. boosted their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Morgan Stanley boosted their target price on DraftKings from $49.00 to $53.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Finally, Canaccord Genuity Group boosted their target price on DraftKings from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.04.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $36.07 on Wednesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The stock’s 50 day moving average price is $35.20 and its 200-day moving average price is $39.33. The company has a market capitalization of $32.08 billion, a PE ratio of -34.03, a PEG ratio of 1.43 and a beta of 1.89. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24.

About DraftKings

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.