Integrated Wealth Concepts LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Integrated Wealth Concepts LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNGGet Rating) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,562 shares of the company’s stock, valued at approximately $217,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tompkins Financial Corp bought a new position in shares of DraftKings during the 1st quarter valued at approximately $27,000. Quent Capital LLC grew its position in shares of DraftKings by 136.9% during the 2nd quarter. Quent Capital LLC now owns 2,132 shares of the company’s stock valued at $25,000 after acquiring an additional 1,232 shares during the period. Trustcore Financial Services LLC grew its position in shares of DraftKings by 417.3% during the 1st quarter. Trustcore Financial Services LLC now owns 2,576 shares of the company’s stock valued at $50,000 after acquiring an additional 2,078 shares during the period. Tsfg LLC grew its position in shares of DraftKings by 43.1% during the 2nd quarter. Tsfg LLC now owns 3,019 shares of the company’s stock valued at $35,000 after acquiring an additional 909 shares during the period. Finally, CI Investments Inc. grew its position in shares of DraftKings by 9,311.8% during the 1st quarter. CI Investments Inc. now owns 3,200 shares of the company’s stock valued at $62,000 after acquiring an additional 3,166 shares during the period. 29.18% of the stock is owned by institutional investors.

DraftKings Stock Up 4.6 %

Shares of DraftKings stock opened at $15.42 on Wednesday. The firm has a market cap of $12.98 billion, a PE ratio of -4.48 and a beta of 1.77. DraftKings Inc. has a 12-month low of $9.77 and a 12-month high of $39.87. The company’s fifty day simple moving average is $15.18 and its two-hundred day simple moving average is $14.62.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent research reports. Needham & Company LLC dropped their price target on shares of DraftKings from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, November 7th. Roth Capital upgraded shares of DraftKings from a “neutral” rating to a “buy” rating and upped their price target for the company from $18.00 to $25.00 in a research note on Wednesday, August 17th. Benchmark dropped their price target on shares of DraftKings from $30.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, October 12th. Cowen dropped their price target on shares of DraftKings from $50.00 to $35.00 in a research note on Wednesday, November 2nd. Finally, Canaccord Genuity Group dropped their price target on shares of DraftKings from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, November 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $24.38.

About DraftKings

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DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.

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Institutional Ownership by Quarter for DraftKings (NASDAQ:DKNG)

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