Mitsubishi UFJ Trust & Banking Corp raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 67.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 162,645 shares of the company’s stock after buying an additional 65,613 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in DraftKings were worth $7,833,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in DKNG. Parkside Financial Bank & Trust lifted its stake in shares of DraftKings by 666.2% in the third quarter. Parkside Financial Bank & Trust now owns 521 shares of the company’s stock valued at $25,000 after buying an additional 453 shares in the last quarter. Northern Oak Wealth Management Inc. lifted its stake in shares of DraftKings by 57.1% in the second quarter. Northern Oak Wealth Management Inc. now owns 550 shares of the company’s stock valued at $29,000 after buying an additional 200 shares in the last quarter. Allworth Financial LP lifted its stake in shares of DraftKings by 72.0% in the third quarter. Allworth Financial LP now owns 860 shares of the company’s stock valued at $41,000 after buying an additional 360 shares in the last quarter. Clearstead Advisors LLC lifted its position in shares of DraftKings by 362.2% during the second quarter. Clearstead Advisors LLC now owns 832 shares of the company’s stock valued at $43,000 after purchasing an additional 652 shares in the last quarter. Finally, Berman Capital Advisors LLC lifted its position in shares of DraftKings by 212.4% during the third quarter. Berman Capital Advisors LLC now owns 1,006 shares of the company’s stock valued at $47,000 after purchasing an additional 684 shares in the last quarter. 62.97% of the stock is currently owned by hedge funds and other institutional investors.
Shares of DKNG traded down $1.48 during mid-day trading on Friday, reaching $22.76. The company’s stock had a trading volume of 817,108 shares, compared to its average volume of 17,010,880. The stock has a market cap of $9.25 billion, a PE ratio of -6.16 and a beta of 1.91. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.68. DraftKings Inc. has a 52 week low of $23.21 and a 52 week high of $74.38. The company’s fifty day moving average price is $32.02 and its two-hundred day moving average price is $44.90.
DKNG has been the topic of a number of recent analyst reports. Morgan Stanley initiated coverage on shares of DraftKings in a research report on Tuesday, November 2nd. They set an “equal weight” rating and a $53.00 price target on the stock. BTIG Research reissued a “hold” rating on shares of DraftKings in a research report on Tuesday, November 9th. Oppenheimer decreased their price objective on shares of DraftKings from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Monday, November 8th. Zacks Investment Research upgraded shares of DraftKings from a “sell” rating to a “hold” rating in a report on Wednesday, January 5th. Finally, Wells Fargo & Company reiterated a “buy” rating and issued a $41.00 target price on shares of DraftKings in a research note on Thursday, December 23rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, DraftKings presently has an average rating of “Buy” and a consensus target price of $58.71.
In related news, Director Steven Joseph Murray sold 30,707 shares of DraftKings stock in a transaction on Tuesday, December 14th. The shares were sold at an average price of $27.92, for a total value of $857,339.44. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jason Robins sold 333,334 shares of DraftKings stock in a transaction on Thursday, October 21st. The stock was sold at an average price of $49.33, for a total transaction of $16,443,366.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 745,525 shares of company stock worth $34,413,940. 62.00% of the stock is owned by 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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