Cerity Partners LLC Raises Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Cerity Partners LLC grew its position in DraftKings Inc. (NASDAQ:DKNG) by 520.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,373 shares of the company’s stock after acquiring an additional 85,877 shares during the quarter. Cerity Partners LLC’s holdings in DraftKings were worth $3,400,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brown Advisory Inc. raised its stake in DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after acquiring an additional 968 shares during the last quarter. IFM Investors Pty Ltd grew its stake in shares of DraftKings by 9.3% in the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock valued at $2,781,000 after purchasing an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC acquired a new position in shares of DraftKings in the first quarter valued at approximately $515,000. Allspring Global Investments Holdings LLC raised its stake in shares of DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock worth $90,558,000 after purchasing an additional 434,525 shares during the last quarter. Finally, Kentucky Retirement Systems purchased a new stake in shares of DraftKings during the first quarter worth approximately $1,026,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the company’s stock in a transaction on 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 sale, the chief financial officer owned 171,268 shares in the company, valued at $6,297,524.36. This represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 536,627 shares of company stock valued at $19,748,622. Company insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Cfra Research upgraded shares of DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Susquehanna lifted their target price on shares of DraftKings from $42.00 to $52.00 and gave the company a “positive” rating in a report on Monday, May 12th. Morgan Stanley reiterated an “overweight” rating and set a $52.00 price target (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Benchmark restated a “buy” rating and issued a $50.00 price objective (up previously from $45.00) on shares of DraftKings in a research report on Tuesday. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of DraftKings in a report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.10.

DraftKings Stock Down 0.5%

Shares of NASDAQ DKNG opened at $43.72 on Friday. The firm’s 50-day moving average is $38.97 and its two-hundred day moving average is $38.82. The company has a market capitalization of $38.88 billion, a PE ratio of -52.67, a price-to-earnings-growth ratio of 1.39 and a beta of 1.67. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $53.61. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20.

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.