Envestnet Asset Management Inc. Acquires 105,480 Shares of DraftKings Inc. (NASDAQ:DKNG)

Envestnet Asset Management Inc. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 30.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 457,521 shares of the company’s stock after acquiring an additional 105,480 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.05% of DraftKings worth $15,194,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Janus Henderson Group PLC grew its stake in DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares in the last quarter. Norges Bank bought a new position in DraftKings in the fourth quarter valued at approximately $276,328,000. FMR LLC grew its stake in DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company’s stock valued at $506,569,000 after purchasing an additional 7,150,382 shares in the last quarter. Eminence Capital LP bought a new position in DraftKings in the fourth quarter valued at approximately $65,255,000. Finally, Fernbridge Capital Management LP bought a new position in DraftKings in the fourth quarter valued at approximately $49,220,000. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total value of $251,102.33. Following the transaction, the chief financial officer owned 171,268 shares in the company, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of DraftKings stock in a transaction on Wednesday, June 18th. The shares were 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 owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their position. 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 90 days. 51.19% of the stock is currently owned by insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $43.72 on Friday. The stock has a market capitalization of $38.88 billion, a PE ratio of -52.67, a P/E/G ratio of 1.39 and a beta of 1.67. 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 price of $38.97 and a two-hundred day moving average price of $38.82. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Cowen reiterated a “buy” rating on shares of DraftKings in a research note on Thursday, April 24th. Northland Securities set a $50.00 target price on DraftKings in a research note on Friday, April 25th. Citigroup reiterated a “buy” rating on shares of DraftKings in a research note on Friday, July 11th. Sanford C. Bernstein assumed coverage on DraftKings in a research note on Wednesday, June 4th. They set an “outperform” rating and a $46.00 target price for the company. Finally, JPMorgan Chase & Co. assumed coverage on DraftKings in a research note on Monday, June 23rd. They set an “overweight” rating and a $50.00 target price for the company. One research analyst has rated the stock with a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $54.10.

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.