Park Avenue Securities LLC Buys 78,073 Shares of DraftKings Inc. (NASDAQ:DKNG)

Park Avenue Securities LLC raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 213.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 114,735 shares of the company’s stock after purchasing an additional 78,073 shares during the quarter. Park Avenue Securities LLC’s holdings in DraftKings were worth $3,810,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Gateway Investment Advisers LLC raised its position in DraftKings by 190.7% in the 1st quarter. Gateway Investment Advisers LLC now owns 65,273 shares of the company’s stock valued at $2,168,000 after buying an additional 42,819 shares during the last quarter. Independence Bank of Kentucky grew its stake in shares of DraftKings by 115.9% in the 1st quarter. Independence Bank of Kentucky now owns 26,528 shares of the company’s stock worth $881,000 after acquiring an additional 14,243 shares in the last quarter. Stablepoint Partners LLC grew its stake in shares of DraftKings by 7.5% in the 1st quarter. Stablepoint Partners LLC now owns 7,207 shares of the company’s stock worth $239,000 after acquiring an additional 501 shares in the last quarter. Arthur M. Cohen & Associates LLC raised its holdings in shares of DraftKings by 21.4% in the first quarter. Arthur M. Cohen & Associates LLC now owns 11,740 shares of the company’s stock valued at $390,000 after purchasing an additional 2,070 shares during the last quarter. Finally, Strategic Planning Group LLC raised its holdings in shares of DraftKings by 5.0% in the first quarter. Strategic Planning Group LLC now owns 78,852 shares of the company’s stock valued at $2,619,000 after purchasing an additional 3,749 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 1.1%

Shares of NASDAQ DKNG opened at $36.20 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The company has a market cap of $32.19 billion, a P/E ratio of -34.15, a P/E/G ratio of 1.43 and a beta of 1.63. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. The business has a 50-day simple moving average of $34.61 and a two-hundred day simple moving average of $38.74.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the transaction, the insider now directly owns 653,843 shares in the company, valued at approximately $25,499,877. This represents a 7.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were 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 now directly owns 171,268 shares in the company, valued at $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,127,504 shares of company stock valued at $42,687,810. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DKNG shares. Guggenheim reduced their price objective on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, May 12th. TD Securities reduced their target price on DraftKings from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Truist Financial decreased their price target on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. JMP Securities dropped their price target on DraftKings from $54.00 to $50.00 and set a “market outperform” rating on the stock in a report on Thursday, June 5th. Finally, Morgan Stanley reduced their price objective on DraftKings from $53.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.41.

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.