DraftKings (NASDAQ:DKNG) Reaches New 1-Year High at $25.47

DraftKings Inc. (NASDAQ:DKNG – Get Rating)’s stock price reached a new 52-week high on Monday . The stock traded as high as $25.47 and last traded at $25.34, with a volume of 5691965 shares trading hands. The stock had previously closed at $24.11.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Citigroup lifted their target price on shares of DraftKings from $25.00 to $30.00 in a report on Sunday, May 14th. Argus upgraded shares of DraftKings from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday, March 7th. Stifel Nicolaus lifted their target price on shares of DraftKings from $21.00 to $23.00 in a report on Thursday, May 4th. Canaccord Genuity Group lifted their target price on shares of DraftKings from $28.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, February 21st. Finally, UBS Group upgraded shares of DraftKings from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $19.00 to $30.00 in a report on Monday. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $24.80.

DraftKings Trading Down 3.8 %

The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 1.23. The business’s 50-day moving average is $20.64 and its two-hundred day moving average is $17.01. The firm has a market cap of $20.75 billion, a P/E ratio of -8.37 and a beta of 1.80.

Insider Activity at DraftKings

In related news, CAO Erik Bradbury sold 3,000 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief accounting officer now owns 26,889 shares of the company’s stock, valued at approximately $672,225. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other DraftKings news, CAO Erik Bradbury sold 3,000 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $25.00, for a total transaction of $75,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 26,889 shares of the company’s stock, valued at approximately $672,225. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 300,000 shares of the business’s stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $17.72, for a total transaction of $5,316,000.00. Following the transaction, the insider now directly owns 6,152,595 shares of the company’s stock, valued at $109,023,983.40. The disclosure for this sale can be found here. Insiders sold a total of 2,583,738 shares of company stock valued at $54,705,196 in the last quarter. Insiders own 55.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in DraftKings by 6.5% during the 3rd quarter. Vanguard Group Inc. now owns 34,631,603 shares of the company’s stock valued at $524,322,000 after purchasing an additional 2,121,342 shares during the period. ARK Investment Management LLC lifted its stake in shares of DraftKings by 1.3% in the 4th quarter. ARK Investment Management LLC now owns 25,032,084 shares of the company’s stock worth $285,115,000 after acquiring an additional 314,790 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of DraftKings by 6.1% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 13,991,943 shares of the company’s stock worth $159,368,000 after acquiring an additional 798,877 shares during the period. Nikko Asset Management Americas Inc. lifted its stake in shares of DraftKings by 6.1% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 13,991,943 shares of the company’s stock worth $159,368,000 after acquiring an additional 798,877 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of DraftKings by 3.2% in the 1st quarter. Geode Capital Management LLC now owns 5,962,037 shares of the company’s stock worth $115,425,000 after acquiring an additional 184,476 shares during the period. 30.60% of the stock is owned by institutional investors and hedge funds.

About DraftKings

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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.