Dynamic Advisor Solutions LLC Sells 2,009 Shares of DraftKings Inc. (NASDAQ:DKNG)

Dynamic Advisor Solutions LLC decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,447 shares of the company’s stock after selling 2,009 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in DraftKings were worth $779,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of DKNG. Raiffeisen Bank International AG bought a new position in DraftKings in the fourth quarter worth approximately $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in DraftKings in the fourth quarter worth approximately $28,000. GPS Wealth Strategies Group LLC grew its stake in DraftKings by 197.9% in the first 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. MassMutual Private Wealth & Trust FSB grew its stake in DraftKings by 44.8% in the first 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. Finally, Synergy Investment Management LLC bought a new position in DraftKings in the fourth quarter worth approximately $37,000. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on DKNG shares. Piper Sandler reissued an “overweight” rating and issued a $60.00 price objective (up previously from $48.00) on shares of DraftKings in a research note on Tuesday, February 18th. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Northland Securities set a $50.00 target price on DraftKings in a research report on Friday, April 25th. Morgan Stanley dropped their target price on DraftKings from $53.00 to $51.00 and set an “overweight” rating on the stock in a research report on Friday, May 30th. Finally, Stifel Nicolaus dropped their target price on DraftKings from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. 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 currently has a consensus rating of “Moderate Buy” and an average price target of $54.41.

DraftKings Stock Performance

Shares of DKNG stock opened at $38.12 on Wednesday. The firm has a market capitalization 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. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The business has a fifty day moving average of $35.20 and a 200 day moving average of $38.55. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $53.61.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director now directly owns 5,947 shares of the company’s stock, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the sale, the insider now directly owns 601,520 shares in the company, valued at $19,417,065.60. This represents a 8.07% 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 90 days. 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.