Massachusetts Financial Services Co. MA purchased a new stake in DraftKings Inc. (NASDAQ:DKNG – Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 3,643,873 shares of the company’s stock, valued at approximately $107,276,000. Massachusetts Financial Services Co. MA owned 0.43% of DraftKings as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Swiss National Bank lifted its stake in DraftKings by 56.8% during the 3rd quarter. Swiss National Bank now owns 1,339,764 shares of the company’s stock worth $39,443,000 after acquiring an additional 485,400 shares in the last quarter. Amalgamated Bank boosted its stake in shares of DraftKings by 8.7% in the third quarter. Amalgamated Bank now owns 46,398 shares of the company’s stock valued at $1,366,000 after purchasing an additional 3,723 shares during the period. J.P. Morgan Private Wealth Advisors LLC grew its holdings in shares of DraftKings by 40.8% in the third quarter. J.P. Morgan Private Wealth Advisors LLC now owns 39,244 shares of the company’s stock valued at $1,155,000 after purchasing an additional 11,379 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in DraftKings by 7.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 125,181 shares of the company’s stock worth $3,685,000 after buying an additional 8,407 shares in the last quarter. Finally, Prosperity Wealth Management Inc. acquired a new stake in DraftKings during the 3rd quarter worth approximately $568,000. Institutional investors and hedge funds own 32.84% of the company’s stock.
Insider Transactions at DraftKings
In related news, insider R Stanton Dodge sold 123,609 shares of DraftKings stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $38.41, for a total value of $4,747,821.69. Following the transaction, the insider now directly owns 823,149 shares in the company, valued at approximately $31,617,153.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Jason Park sold 750,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $38.27, for a total value of $28,702,500.00. Following the completion of the sale, the chief financial officer now directly owns 105,217 shares of the company’s stock, valued at approximately $4,026,654.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 123,609 shares of DraftKings stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $38.41, for a total value of $4,747,821.69. Following the completion of the sale, the insider now owns 823,149 shares in the company, valued at $31,617,153.09. The disclosure for this sale can be found here. Insiders sold 2,704,384 shares of company stock worth $102,747,642 over the last 90 days. 51.19% of the stock is currently owned by insiders.
DraftKings Stock Up 2.1 %
Analyst Ratings Changes
A number of analysts have recently weighed in on DKNG shares. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective on shares of DraftKings in a research report on Tuesday, December 26th. Truist Financial upped their target price on shares of DraftKings from $44.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. BMO Capital Markets started coverage on shares of DraftKings in a report on Tuesday, January 9th. They set an “outperform” rating and a $43.00 price target for the company. UBS Group raised their price objective on shares of DraftKings from $39.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. Finally, Argus increased their target price on DraftKings from $40.00 to $46.00 and gave the company a “buy” rating in a report on Monday, November 27th. Four research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.93.
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.
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