Swiss National Bank Sells 527,291 Shares of DraftKings Inc. (NASDAQ:DKNG)

Swiss National Bank cut its position in shares of DraftKings Inc. (NASDAQ:DKNGGet Rating) by 37.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 881,064 shares of the company’s stock after selling 527,291 shares during the period. Swiss National Bank’s holdings in DraftKings were worth $10,282,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in DraftKings by 3.0% during the first quarter. Arizona State Retirement System now owns 90,512 shares of the company’s stock valued at $1,762,000 after buying an additional 2,642 shares during the last quarter. Walker Asset Management LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at approximately $403,000. J.W. Cole Advisors Inc. bought a new stake in shares of DraftKings in the 1st quarter valued at approximately $26,000. Belpointe Asset Management LLC lifted its stake in shares of DraftKings by 4.5% in the 2nd quarter. Belpointe Asset Management LLC now owns 22,610 shares of the company’s stock valued at $264,000 after purchasing an additional 979 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of DraftKings by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 306,023 shares of the company’s stock valued at $3,571,000 after purchasing an additional 8,938 shares during the last quarter. 29.18% of the stock is owned by institutional investors.

DraftKings Trading Up 1.0 %

Shares of NASDAQ DKNG opened at $15.05 on Monday. The stock has a market capitalization of $12.67 billion, a PE ratio of -4.38 and a beta of 1.77. The stock’s fifty day simple moving average is $15.05 and its two-hundred day simple moving average is $14.62. DraftKings Inc. has a 12-month low of $9.77 and a 12-month high of $37.71.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on DKNG shares. Morgan Stanley lowered their price objective on DraftKings from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Monday, November 7th. Needham & Company LLC lowered their price objective on DraftKings from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, November 7th. Redburn Partners started coverage on DraftKings in a research note on Wednesday, October 12th. They issued a “neutral” rating and a $19.00 price objective for the company. Benchmark lowered their price objective on DraftKings from $30.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 12th. Finally, Roth Capital upgraded DraftKings from a “neutral” rating to a “buy” rating and increased their price target for the stock from $18.00 to $25.00 in a report on Wednesday, August 17th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.26.

DraftKings Profile

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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