DraftKings Inc. $DKNG Shares Acquired by First Trust Advisors LP

First Trust Advisors LP increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,921,819 shares of the company’s stock after buying an additional 419,271 shares during the quarter. First Trust Advisors LP’s holdings in DraftKings were worth $71,876,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC lifted its holdings in shares of DraftKings by 5.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after acquiring an additional 40,495 shares in the last quarter. Empowered Funds LLC lifted its holdings in DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after acquiring an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of DraftKings during the 2nd quarter valued at about $603,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of DraftKings in the 2nd quarter worth approximately $45,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DKNG shares. JPMorgan Chase & Co. reduced their target price on shares of DraftKings from $41.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, February 17th. Stifel Nicolaus reduced their target price on DraftKings from $44.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Citizens Jmp restated a “market outperform” rating and set a $38.00 price objective on shares of DraftKings in a report on Tuesday, March 3rd. UBS Group reiterated a “buy” rating on shares of DraftKings in a report on Wednesday, January 7th. Finally, Northland Securities set a $24.00 price target on shares of DraftKings in a research report on Tuesday, February 17th. Twenty-five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $37.19.

Insider Buying and Selling

In related news, Director Harry Sloan acquired 100,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were purchased at an average cost of $21.85 per share, with a total value of $2,185,000.00. Following the completion of the transaction, the director owned 350,219 shares of the company’s stock, valued at approximately $7,652,285.15. This trade represents a 39.96% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $32.01, for a total transaction of $1,689,391.77. Following the completion of the transaction, the insider owned 500,000 shares in the company, valued at approximately $16,005,000. This represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 62,928 shares of company stock worth $1,923,728. 47.08% of the stock is owned by company insiders.

DraftKings Price Performance

Shares of DKNG opened at $25.14 on Wednesday. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of -628.50, a P/E/G ratio of 1.03 and a beta of 1.67. DraftKings Inc. has a fifty-two week low of $21.01 and a fifty-two week high of $48.78. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50-day moving average is $28.44 and its 200-day moving average is $33.61.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.