Prosperity Wealth Management Inc. Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Prosperity Wealth Management Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,467 shares of the company’s stock after acquiring an additional 4,353 shares during the period. DraftKings accounts for about 1.0% of Prosperity Wealth Management Inc.’s holdings, making the stock its 16th biggest position. Prosperity Wealth Management Inc.’s holdings in DraftKings were worth $2,207,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of DKNG. Beacon Pointe Advisors LLC lifted its position in DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock valued at $398,000 after purchasing an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after purchasing an additional 217 shares during the last quarter. Allworth Financial LP lifted its position in DraftKings by 8.0% during the fourth quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after purchasing an additional 271 shares during the last quarter. Snowden Capital Advisors LLC lifted its position in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock valued at $325,000 after purchasing an additional 296 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after purchasing an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 0.7%

NASDAQ:DKNG opened at $38.12 on Wednesday. The company has a fifty day moving average of $35.20 and a 200 day moving average of $38.55. DraftKings Inc. has a 52 week low of $28.69 and a 52 week high of $53.61. 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 capitalization of $33.90 billion, a P/E ratio of -45.93, a P/E/G ratio of 1.07 and a beta of 1.63.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays dropped their target price on shares of DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, May 12th. Jefferies Financial Group reiterated a “buy” rating on shares of DraftKings in a research report on Friday. BTIG Research dropped their target price on shares of DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley lowered their price objective on shares of DraftKings from $53.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, May 30th. Finally, Guggenheim lowered their price objective on shares of DraftKings from $61.00 to $60.00 and set a “buy” rating for the company in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.41.

Insider Activity at DraftKings

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

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.