Rockefeller Capital Management L.P. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 80.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,208 shares of the company’s stock after buying an additional 22,779 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in DraftKings were worth $3,140,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in DKNG. Atwood & Palmer Inc. acquired a new position in shares of DraftKings during the 1st quarter worth approximately $25,000. Oder Investment Management LLC acquired a new position in shares of DraftKings during the 4th quarter worth approximately $28,000. Allworth Financial LP raised its stake in shares of DraftKings by 137.5% during the 1st quarter. Allworth Financial LP now owns 475 shares of the company’s stock worth $29,000 after buying an additional 275 shares during the period. Global Wealth Management Investment Advisory Inc. raised its stake in shares of DraftKings by 42.1% during the 4th quarter. Global Wealth Management Investment Advisory Inc. now owns 675 shares of the company’s stock worth $31,000 after buying an additional 200 shares during the period. Finally, D Orazio & Associates Inc. raised its stake in shares of DraftKings by 482.0% during the 1st quarter. D Orazio & Associates Inc. now owns 582 shares of the company’s stock worth $36,000 after buying an additional 482 shares during the period. 55.39% of the stock is owned by institutional investors and hedge funds.
NASDAQ DKNG opened at $53.65 on Friday. The business’s fifty day simple moving average is $53.32. DraftKings Inc. has a twelve month low of $27.54 and a twelve month high of $74.38. The stock has a market cap of $21.51 billion, a PE ratio of -17.36 and a beta of 1.95. The company has a current ratio of 5.03, a quick ratio of 5.03 and a debt-to-equity ratio of 0.54.
Several brokerages have recently weighed in on DKNG. The Goldman Sachs Group upped their target price on DraftKings from $79.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, March 23rd. Macquarie increased their price objective on DraftKings from $71.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, March 10th. Needham & Company LLC reduced their price objective on DraftKings from $81.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, May 10th. Northland Securities increased their price objective on DraftKings from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, March 1st. Finally, Berenberg Bank raised DraftKings from a “sell” rating to a “hold” rating and increased their price objective for the company from $41.00 to $42.50 in a research note on Wednesday, May 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $67.45.
In other DraftKings news, insider Jason Robins sold 333,333 shares of the stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $44.08, for a total value of $14,693,318.64. Following the sale, the insider now owns 5,165,734 shares of the company’s stock, valued at approximately $227,705,554.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Kalish sold 57,692 shares of the stock in a transaction dated Friday, May 28th. The shares were sold at an average price of $50.72, for a total value of $2,926,138.24. Following the completion of the sale, the insider now directly owns 1,880,530 shares in the company, valued at approximately $95,380,481.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,154,963 shares of company stock valued at $55,521,269 over the last 90 days. 62.00% of the stock is currently owned by company insiders.
DraftKings Inc operates as a digital sports entertainment and gaming company in the United States. It operates through two segments, Business-to-Consumer and Business-to-Business. The company provides users with daily sports, sports betting, and iGaming opportunities. It is also involved in the design, development, and licensing of sports betting and casino gaming platform software for online and retail sportsbook, and casino gaming products.
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