Brown Advisory Inc. Acquires 968 Shares of DraftKings Inc. (NASDAQ:DKNG)

Brown Advisory Inc. increased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 14.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,600 shares of the company’s stock after purchasing an additional 968 shares during the period. Brown Advisory Inc.’s holdings in DraftKings were worth $252,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Highview Capital Management LLC DE boosted its position in DraftKings by 2.8% during the first quarter. Highview Capital Management LLC DE now owns 43,661 shares of the company’s stock valued at $1,450,000 after purchasing an additional 1,187 shares during the last quarter. EULAV Asset Management raised its stake in shares of DraftKings by 18.2% during the 1st quarter. EULAV Asset Management now owns 260,000 shares of the company’s stock worth $8,635,000 after purchasing an additional 40,000 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of DraftKings by 30.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 457,521 shares of the company’s stock valued at $15,194,000 after buying an additional 105,480 shares during the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of DraftKings by 21.5% in the 1st quarter. Concurrent Investment Advisors LLC now owns 22,140 shares of the company’s stock valued at $735,000 after buying an additional 3,916 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of DraftKings by 27.0% in the first quarter. Bank of New York Mellon Corp now owns 1,472,974 shares of the company’s stock valued at $48,917,000 after buying an additional 313,128 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $36.77, for a total value of $251,102.33. Following the completion of the transaction, the chief financial officer directly owned 171,268 shares of the company’s stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 536,627 shares of company stock worth $19,748,622 in the last ninety days. 51.19% of the stock is owned by company insiders.

DraftKings Stock Down 1.0%

DKNG stock opened at $43.36 on Thursday. The company has a market cap of $38.56 billion, a PE ratio of -52.24, a price-to-earnings-growth ratio of 1.39 and a beta of 1.67. The business has a 50-day simple moving average of $38.65 and a 200 day simple moving average of $38.72. 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on DKNG shares. TD Securities decreased their target price on DraftKings from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price target for the company. JMP Securities cut their price target on DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Thursday, June 5th. Cfra Research raised DraftKings to a “moderate buy” rating in a report on Monday, April 14th. Finally, Citigroup reaffirmed a “buy” rating on shares of DraftKings in a report on Friday, July 11th. One research analyst has rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $54.00.

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.