Cambridge Investment Research Advisors Inc. Sells 25,471 Shares of DraftKings Inc. (NASDAQ:DKNG)

Cambridge Investment Research Advisors Inc. reduced its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 20.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,780 shares of the company’s stock after selling 25,471 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in DraftKings were worth $3,380,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in DKNG. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in DraftKings in the first quarter worth $437,000. Kentucky Retirement Systems bought a new position in shares of DraftKings during the 1st quarter worth about $1,026,000. Consolidated Investment Group LLC grew its stake in shares of DraftKings by 17.0% in the 1st quarter. Consolidated Investment Group LLC now owns 70,795 shares of the company’s stock valued at $2,351,000 after buying an additional 10,295 shares during the period. Garde Capital Inc. acquired a new stake in shares of DraftKings in the 1st quarter valued at about $89,000. Finally, Means Investment CO. Inc. increased its position in DraftKings by 2.9% in the 1st quarter. Means Investment CO. Inc. now owns 12,574 shares of the company’s stock valued at $418,000 after buying an additional 360 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DKNG. Cfra Research upgraded DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Jefferies Financial Group reaffirmed a “buy” rating on shares of DraftKings in a research report on Friday, June 13th. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of DraftKings in a research note on Friday, May 9th. Finally, Bank of America lowered their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twenty-seven have assigned 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 $54.03.

DraftKings Stock Up 1.6%

DKNG opened at $42.89 on Monday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company’s 50-day moving average price is $36.37 and its two-hundred day moving average price is $38.41. The stock has a market cap of $38.14 billion, a price-to-earnings ratio of -51.67, a PEG ratio of 1.10 and a beta of 1.63. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.11.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director now directly owns 5,947 shares in the company, valued at approximately $209,810.16. The trade was a 34.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the firm’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the transaction, the insider now directly owns 504,381 shares of the company’s stock, valued at $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock valued at $19,748,622 over the last ninety days. 47.08% of the stock is currently owned by insiders.

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.