Ingalls & Snyder LLC Invests $5.78 Million in DraftKings Inc. (NASDAQ:DKNG)

Ingalls & Snyder LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 4th quarter, Holdings Channel reports. The firm bought 155,337 shares of the company’s stock, valued at approximately $5,779,000.

Several other large investors also recently made changes to their positions in DKNG. Creative Planning grew its holdings in shares of DraftKings by 21.8% during the third quarter. Creative Planning now owns 64,286 shares of the company’s stock worth $2,520,000 after purchasing an additional 11,511 shares during the last quarter. NBC Securities Inc. lifted its stake in shares of DraftKings by 10.5% during the third quarter. NBC Securities Inc. now owns 21,595 shares of the company’s stock valued at $846,000 after acquiring an additional 2,045 shares during the period. Vontobel Holding Ltd. lifted its stake in shares of DraftKings by 59.3% during the third quarter. Vontobel Holding Ltd. now owns 58,708 shares of the company’s stock valued at $2,301,000 after acquiring an additional 21,855 shares during the period. Cornerstone Wealth Management LLC acquired a new position in shares of DraftKings during the third quarter valued at $297,000. Finally, Global Retirement Partners LLC lifted its stake in shares of DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after acquiring an additional 273 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 532,095 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $38.30, for a total value of $20,379,238.50. Following the completion of the transaction, the insider now directly owns 68,654 shares in the company, valued at $2,629,448.20. This trade represents a 88.57 % 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, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on DKNG shares. TD Cowen cut their price target on DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Mizuho increased their target price on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Susquehanna cut their target price on DraftKings from $56.00 to $54.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. JPMorgan Chase & Co. increased their target price on DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Barclays increased their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.92.

DraftKings Price Performance

NASDAQ:DKNG opened at $45.44 on Thursday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The stock has a 50-day simple moving average of $40.31 and a 200 day simple moving average of $38.51.

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.