Rakuten Securities Inc. Buys 1,724 Shares of DraftKings Inc. (NASDAQ:DKNG)

Rakuten Securities Inc. grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 355.5% during the first quarter, HoldingsChannel reports. The fund owned 2,209 shares of the company’s stock after acquiring an additional 1,724 shares during the quarter. Rakuten Securities Inc.’s holdings in DraftKings were worth $73,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG acquired a new stake in DraftKings in the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings during the first quarter worth $26,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of DraftKings during the 4th quarter valued at $28,000. GPS Wealth Strategies Group LLC boosted its position in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after purchasing an additional 564 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock worth $34,000 after purchasing an additional 317 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Cowen reaffirmed a “buy” rating on shares of DraftKings in a research report on Thursday, April 24th. Wells Fargo & Company boosted their price target on DraftKings from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note 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. Northland Securities set a $50.00 target price on shares of DraftKings in a research note on Friday, April 25th. Finally, Mizuho dropped their target price on shares of DraftKings from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $54.41.

DraftKings Stock Up 0.7%

DraftKings stock opened at $38.12 on Wednesday. The business’s 50-day moving average price is $35.20 and its 200 day moving average price is $38.55. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11. The firm has a market cap of $33.90 billion, a price-to-earnings ratio of -45.93, a price-to-earnings-growth ratio of 1.07 and a beta of 1.63. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $38.95, for a total value of $25,070,323.30. Following the completion of the transaction, the insider now owns 682,764 shares of the company’s stock, valued at approximately $26,593,657.80. The trade was a 48.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares of the company’s stock, valued at approximately $19,417,065.60. This trade represents a 8.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,021,950 shares of company stock worth $38,644,036. Corporate insiders own 47.08% 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.