Independence Bank of Kentucky Boosts Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Independence Bank of Kentucky boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 115.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,528 shares of the company’s stock after acquiring an additional 14,243 shares during the quarter. Independence Bank of Kentucky’s holdings in DraftKings were worth $881,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the fourth quarter worth about $25,000. Stonebridge Financial Group LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $28,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings in the 4th quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB boosted its position in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the period. Finally, Synergy Investment Management LLC acquired a new position in shares of DraftKings in the fourth quarter worth $37,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In related 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 transaction, the insider now directly owns 682,764 shares in the company, valued at $26,593,657.80. This trade represents a 48.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $37.62, for a total transaction of $1,985,470.74. Following the completion of the transaction, the insider now directly owns 706,620 shares in the company, valued at $26,583,044.40. This represents a 6.95% 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 worth $42,687,810 in the last quarter. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $35.81 on Friday. DraftKings Inc. has a one year low of $28.69 and a one year high of $53.61. The stock has a market capitalization of $31.85 billion, a price-to-earnings ratio of -33.78, a PEG ratio of 1.43 and a beta of 1.89. The company has a 50-day simple moving average of $34.58 and a 200-day simple moving average of $38.83. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on DKNG shares. JMP Securities decreased their target price on DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Thursday. Cfra Research upgraded DraftKings to a “moderate buy” rating in a research note on Monday, April 14th. Northland Securities set a $50.00 price objective on DraftKings in a research report on Friday, April 25th. Macquarie reduced their target price on shares of DraftKings from $55.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, May 12th. Finally, Guggenheim decreased their price target on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.41.

About DraftKings

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.