Mirae Asset Global Investments Co. Ltd. Has $1.86 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Mirae Asset Global Investments Co. Ltd. increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 22.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,559 shares of the company’s stock after buying an additional 9,706 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in DraftKings were worth $1,855,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Illinois Municipal Retirement Fund lifted its holdings in shares of DraftKings by 14.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 156,754 shares of the company’s stock worth $5,206,000 after acquiring an additional 19,914 shares during the last quarter. Diversified Trust Co increased its position in shares of DraftKings by 9.6% in the first quarter. Diversified Trust Co now owns 67,517 shares of the company’s stock valued at $2,242,000 after acquiring an additional 5,910 shares during the period. Total Wealth Planning & Management Inc. raised its stake in DraftKings by 8.0% in the first quarter. Total Wealth Planning & Management Inc. now owns 7,050 shares of the company’s stock worth $234,000 after buying an additional 523 shares in the last quarter. Tranquility Partners LLC bought a new position in DraftKings in the first quarter worth about $528,000. Finally, Golden State Wealth Management LLC raised its stake in DraftKings by 150.6% in the first quarter. Golden State Wealth Management LLC now owns 4,921 shares of the company’s stock worth $163,000 after buying an additional 2,957 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the business’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the sale, the director owned 5,947 shares in the company, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 536,627 shares of company stock valued at $19,748,622. 51.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Truist Financial cut their price target on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Susquehanna increased their price target on shares of DraftKings from $42.00 to $52.00 and gave the stock a “positive” rating in a research report on Monday, May 12th. Bank of America decreased their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. BTIG Research decreased their price objective on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Finally, Cowen reiterated a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.90.

DraftKings Stock Down 1.6%

DKNG stock opened at $40.68 on Friday. The firm has a 50 day simple moving average of $37.02 and a 200-day simple moving average of $38.49. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a market capitalization of $36.17 billion, a P/E ratio of -49.01, a PEG ratio of 1.06 and a beta of 1.67. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11.

DraftKings Profile

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.