Raymond James & Associates Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Raymond James & Associates increased its position in DraftKings Inc. (NASDAQ:DKNG – Get Rating) by 1.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 356,283 shares of the company’s stock after purchasing an additional 5,598 shares during the period. Raymond James & Associates’ holdings in DraftKings were worth $4,058,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Belpointe Asset Management LLC grew its holdings in DraftKings by 6.7% in the 4th quarter. Belpointe Asset Management LLC now owns 17,013 shares of the company’s stock worth $194,000 after acquiring an additional 1,066 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in DraftKings by 2.2% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 91,936 shares of the company’s stock valued at $1,047,000 after purchasing an additional 1,951 shares during the period. Van ECK Associates Corp raised its position in DraftKings by 29.0% during the 4th quarter. Van ECK Associates Corp now owns 297,901 shares of the company’s stock valued at $3,393,000 after purchasing an additional 66,891 shares during the last quarter. Swiss National Bank lifted its holdings in DraftKings by 2.1% in the 4th quarter. Swiss National Bank now owns 920,664 shares of the company’s stock worth $10,486,000 after buying an additional 19,300 shares during the period. Finally, Arizona State Retirement System increased its stake in shares of DraftKings by 4.1% during the fourth quarter. Arizona State Retirement System now owns 107,584 shares of the company’s stock valued at $1,225,000 after buying an additional 4,283 shares during the period. 30.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other DraftKings news, CAO Erik Bradbury sold 3,000 shares of the stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $25.00, for a total value of $75,000.00. Following the transaction, the chief accounting officer now owns 26,889 shares of the company’s stock, valued at $672,225. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Paul Liberman sold 278,634 shares of the company’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $18.78, for a total value of $5,232,746.52. Following the completion of the sale, the insider now directly owns 1,942,020 shares in the company, valued at approximately $36,471,135.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Erik Bradbury sold 3,000 shares of DraftKings stock in a transaction on Friday, May 5th. The shares were sold at an average price of $25.00, for a total value of $75,000.00. Following the transaction, the chief accounting officer now owns 26,889 shares in the company, valued at $672,225. The disclosure for this sale can be found here. Insiders sold 2,406,727 shares of company stock valued at $51,370,309 over the last 90 days. Company insiders own 55.92% of the company’s stock.

DraftKings Price Performance

Shares of DKNG opened at $24.15 on Thursday. The firm has a fifty day simple moving average of $20.76 and a two-hundred day simple moving average of $17.06. The firm has a market cap of $20.65 billion, a PE ratio of -8.33 and a beta of 1.80. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 1.23. DraftKings Inc. has a 1-year low of $10.52 and a 1-year high of $26.41.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DKNG. Needham & Company LLC lifted their price target on shares of DraftKings from $20.00 to $28.00 in a report on Tuesday, February 21st. Benchmark increased their price target on shares of DraftKings from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. Barclays lifted their price objective on DraftKings from $23.00 to $24.00 in a research report on Monday, May 8th. Morgan Stanley increased their target price on DraftKings from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 22nd. Finally, Guggenheim lifted their price target on DraftKings from $27.00 to $32.00 in a research report on Monday, May 8th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $24.80.

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.