Gateway Investment Advisers LLC Grows Holdings in DraftKings Inc. (NASDAQ:DKNG)

Gateway Investment Advisers LLC increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 190.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 65,273 shares of the company’s stock after buying an additional 42,819 shares during the period. Gateway Investment Advisers LLC’s holdings in DraftKings were worth $2,168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Beacon Pointe Advisors LLC increased its stake in DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after buying an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV grew its holdings in DraftKings by 0.3% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after acquiring an additional 217 shares in the last quarter. Allworth Financial LP grew its holdings in DraftKings by 8.0% during the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock worth $150,000 after acquiring an additional 271 shares in the last quarter. Snowden Capital Advisors LLC grew its holdings in DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after acquiring an additional 296 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock worth $34,000 after acquiring an additional 317 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 6.2%

DraftKings stock opened at $35.81 on Monday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average price of $34.58 and a two-hundred day moving average price of $38.79. The firm has a market capitalization of $31.85 billion, a price-to-earnings ratio of -33.78, a PEG ratio of 1.43 and a beta of 1.63. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DKNG. Sanford C. Bernstein began coverage on shares of DraftKings in a report on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price objective for the company. Canaccord Genuity Group raised their price objective on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 14th. JPMorgan Chase & Co. raised their price objective on shares of DraftKings from $53.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Cowen reissued a “buy” rating on shares of DraftKings in a report on Thursday, April 24th. Finally, Benchmark raised their price objective on shares of DraftKings from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, March 10th. One 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 company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.41.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $39.00, for a total transaction of $2,058,303.00. Following the completion of the transaction, the insider now directly owns 653,843 shares of the company’s stock, valued at $25,499,877. The trade was a 7.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total transaction of $110,638.08. Following the transaction, the director now directly owns 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 disclosure for this sale can be found here. Insiders sold 1,127,504 shares of company stock valued at $42,687,810 in the last ninety days. Company insiders own 51.19% of the company’s stock.

DraftKings 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.