Janney Montgomery Scott LLC Purchases 128,676 Shares of DraftKings Inc. (NASDAQ:DKNG)

Janney Montgomery Scott LLC lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 51.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 378,227 shares of the company’s stock after buying an additional 128,676 shares during the period. Janney Montgomery Scott LLC’s holdings in DraftKings were worth $14,826,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares in the last quarter. US Bancorp DE increased its position in DraftKings by 110.2% in the 3rd quarter. US Bancorp DE now owns 859,715 shares of the company’s stock valued at $33,701,000 after buying an additional 450,773 shares in the last quarter. SteelPeak Wealth LLC raised its stake in DraftKings by 14.2% during the 3rd quarter. SteelPeak Wealth LLC now owns 13,829 shares of the company’s stock worth $542,000 after buying an additional 1,723 shares during the period. New York State Teachers Retirement System boosted its holdings in DraftKings by 5.4% in the third quarter. New York State Teachers Retirement System now owns 40,871 shares of the company’s stock worth $1,602,000 after acquiring an additional 2,092 shares in the last quarter. Finally, Highview Capital Management LLC DE grew its stake in DraftKings by 1.6% in the third quarter. Highview Capital Management LLC DE now owns 41,894 shares of the company’s stock valued at $1,642,000 after acquiring an additional 655 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 4.9 %

Shares of DKNG opened at $38.25 on Thursday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The business has a 50-day moving average of $37.37 and a 200 day moving average of $37.94. The firm has a market cap of $33.60 billion, a P/E ratio of -42.98 and a beta of 1.82. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the completion of the transaction, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now directly owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,020,536 shares of company stock valued at $39,966,465. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on DKNG shares. Macquarie reiterated an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Mizuho lifted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Stifel Nicolaus restated a “buy” rating and issued a $48.00 target price (down previously from $50.00) on shares of DraftKings in a report on Monday, August 5th. Barclays raised their price target on shares of DraftKings from $43.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, Wells Fargo & Company increased their price objective on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.22.

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.