DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Xponance Inc.

Xponance Inc. increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,535 shares of the company’s stock after purchasing an additional 3,782 shares during the quarter. Xponance Inc.’s holdings in DraftKings were worth $2,841,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Fonville Wealth Management LLC acquired a new position in DraftKings during the 1st quarter worth $1,169,000. Cerity Partners LLC grew its stake in DraftKings by 520.6% during the 1st quarter. Cerity Partners LLC now owns 102,373 shares of the company’s stock worth $3,400,000 after purchasing an additional 85,877 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new position in DraftKings during the 1st quarter worth $157,000. Poinciana Advisors Group LLC acquired a new position in DraftKings during the 1st quarter worth $210,000. Finally, Valeo Financial Advisors LLC grew its stake in DraftKings by 20.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 9,661 shares of the company’s stock worth $321,000 after purchasing an additional 1,645 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Stock Up 1.9%

DKNG opened at $43.79 on Tuesday. The business has a 50 day moving average price of $38.27 and a two-hundred day moving average price of $38.66. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The company has a market cap of $38.94 billion, a PE ratio of -52.76, a P/E/G ratio of 1.34 and a beta of 1.67. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

Insider Buying and Selling

In other DraftKings news, CFO Alan Wayne Ellingson sold 6,829 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the sale, the chief financial officer directly owned 171,268 shares of the company’s stock, valued at $6,297,524.36. This represents a 3.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $37.83, for a total value of $7,944,300.00. Following the sale, the insider directly owned 4,155,130 shares of the company’s stock, valued at approximately $157,188,567.90. This represents a 4.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock valued at $19,748,622 in the last quarter. 47.08% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on DKNG. Guggenheim lowered their target price on DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, May 12th. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price target for the company. Cowen reaffirmed a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. JMP Securities decreased their price target on DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Thursday, June 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price target on shares of DraftKings in a report on Friday, May 9th. 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. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

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.