Atwood & Palmer Inc. Has $17.50 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Atwood & Palmer Inc. boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 0.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 526,862 shares of the company’s stock after purchasing an additional 2,603 shares during the quarter. Atwood & Palmer Inc.’s holdings in DraftKings were worth $17,497,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Janus Henderson Group PLC lifted its stake in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Norges Bank bought a new position in DraftKings during the 4th quarter worth $276,328,000. FMR LLC lifted its stake in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Baillie Gifford & Co. acquired a new position in shares of DraftKings in the 4th quarter worth approximately $246,765,000. Finally, Eminence Capital LP acquired a new stake in shares of DraftKings during the fourth quarter worth $65,255,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DKNG has been the subject of several recent analyst reports. Citigroup decreased their target price on DraftKings from $65.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 25th. JPMorgan Chase & Co. boosted their price objective on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Needham & Company LLC restated a “buy” rating and set a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. JMP Securities cut their target price on DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Thursday, June 5th. Finally, Susquehanna increased their target price on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.41.

DraftKings Price Performance

DraftKings stock opened at $36.20 on Tuesday. The business has a fifty day moving average price of $34.61 and a 200-day moving average price of $38.74. The firm has a market capitalization of $32.19 billion, a P/E ratio of -34.15, a PEG ratio of 1.43 and a beta of 1.63. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61.

Insider Activity

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the completion of the sale, the director now directly owns 5,947 shares in the company, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer now owns 171,268 shares of the company’s stock, valued at $6,297,524.36. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,127,504 shares of company stock worth $42,687,810 over the last ninety days. Company insiders own 51.19% of the company’s stock.

DraftKings Company 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.