Institutional Investors and Insiders Make Moves with DraftKings Inc. (NASDAQ:DKNG)
Are you a fan of sports betting and fantasy sports? If so, you may be interested in the recent activity surrounding DraftKings Inc. (NASDAQ:DKNG). This digital sports entertainment and gaming company has been making waves in the market, attracting the attention of both institutional investors and company insiders.
In the first quarter of this year, HB Wealth Management LLC purchased a new stake in DraftKings, acquiring 6,201 shares valued at approximately $282,000. This move was followed by several other hedge funds and institutional investors adding to or reducing their stakes in the company. With a significant percentage of the stock now owned by institutional investors and hedge funds, it’s clear that DraftKings is a popular choice among financial professionals.
But it’s not just institutional investors who are placing their bets on DraftKings. Company insiders have also been active in the market, with Director Harry Sloan and insider Paul Liberman both selling significant amounts of stock in recent transactions. These insider sales have totaled over 1.5 million shares, worth a staggering $60,996,583. With insiders owning nearly 50% of the company’s stock, it’s clear that those in the know are confident in DraftKings’ future prospects.
Despite this insider activity, DraftKings’ stock has been trading down slightly, with a 1.0% decrease in value. However, with a 52-week low of $24.97 and a high of $49.57, there is still plenty of room for growth. The company’s recent quarterly earnings report showed a revenue increase of 52.7% year-over-year, indicating strong performance in a competitive market.
Analysts have taken notice of DraftKings’ potential, with several firms issuing buy ratings and price target increases. With an average rating of “Moderate Buy” and a price target of $49.17, it seems that Wall Street is bullish on DraftKings’ future prospects.
If you’re interested in learning more about DraftKings and its place in the sports entertainment and gaming industry, be sure to check out our latest stock analysis on DKNG. With a diverse range of products and a strong presence in both online and retail sports betting, DraftKings is well-positioned for future growth.
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