Arthur M. Cohen & Associates LLC Raises Stake in DraftKings Inc. (NASDAQ:DKNG)

Arthur M. Cohen & Associates LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 21.4% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 11,740 shares of the company’s stock after buying an additional 2,070 shares during the period. Arthur M. Cohen & Associates LLC’s holdings in DraftKings were worth $390,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $38.95, for a total transaction of $25,070,323.30. Following the completion of the sale, the insider now owns 682,764 shares in the company, valued at $26,593,657.80. This trade represents a 48.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $39.00, for a total value of $2,058,303.00. Following the sale, the insider now owns 653,843 shares in the company, valued at $25,499,877. This represents a 7.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,127,504 shares of company stock valued at $42,687,810 in the last quarter. Company insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on DKNG shares. Sanford C. Bernstein started coverage on shares of DraftKings in a research note on Wednesday. They set an “outperform” rating and a $46.00 price objective for the company. Truist Financial cut their price target on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. Bank of America dropped their price objective on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 9th. Finally, BTIG Research cut their target price on DraftKings from $64.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.66.

DraftKings Price Performance

Shares of DKNG stock opened at $34.84 on Thursday. The firm has a fifty day simple moving average of $34.51 and a 200-day simple moving average of $38.97. The company has a market capitalization of $30.98 billion, a PE ratio of -32.87, a price-to-earnings-growth ratio of 1.43 and a beta of 1.89. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

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.