DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 25.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,836 shares of the company’s stock after acquiring an additional 1,773 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in DraftKings were worth $293,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of DKNG. Atria Investments Inc boosted its position in shares of DraftKings by 47.3% in the 4th quarter. Atria Investments Inc now owns 8,062 shares of the company’s stock worth $300,000 after buying an additional 2,588 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of DraftKings in the 4th quarter worth about $2,924,000. Farther Finance Advisors LLC boosted its position in shares of DraftKings by 16.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,480 shares of the company’s stock worth $92,000 after buying an additional 353 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in shares of DraftKings by 8.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 150,769 shares of the company’s stock worth $5,609,000 after buying an additional 11,894 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of DraftKings by 13.0% in the 4th quarter. Parallel Advisors LLC now owns 53,605 shares of the company’s stock worth $1,994,000 after buying an additional 6,186 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction 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 sale, the director owned 5,947 shares of the company’s stock, valued at $209,810.16. The trade was a 34.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the completion of the sale, the chief financial officer directly owned 171,268 shares in the company, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 536,627 shares of company stock valued at $19,748,622. 47.08% of the stock is owned by insiders.

Analysts Set New Price Targets

DKNG has been the subject of a number of research analyst reports. Truist Financial dropped their price objective on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reiterated a “buy” rating and set a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Cowen reiterated a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Susquehanna increased their price objective on shares of DraftKings from $42.00 to $52.00 and gave the stock a “positive” rating in a report on Monday, May 12th. Finally, Sanford C. Bernstein initiated coverage on shares of DraftKings in a report on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.90.

DraftKings Stock Up 0.0%

DKNG stock opened at $43.80 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 2.11. The firm has a market capitalization of $38.95 billion, a PE ratio of -52.77, a PEG ratio of 1.37 and a beta of 1.67. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The business’s 50 day simple moving average is $38.48 and its 200 day simple moving average is $38.69.

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.