Independence Bank of Kentucky Has $123,000 Holdings in DraftKings Inc. $DKNG

Independence Bank of Kentucky decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 83.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,699 shares of the company’s stock after selling 28,100 shares during the quarter. Independence Bank of Kentucky’s holdings in DraftKings were worth $123,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dagco Inc. acquired a new stake in shares of DraftKings during the fourth quarter worth $26,000. Ascentis Independent Advisors acquired a new position in DraftKings in the first quarter valued at $27,000. Asset Dedication LLC acquired a new position in DraftKings in the third quarter valued at $37,000. Montag A & Associates Inc. boosted its position in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC bought a new stake in DraftKings during the fourth quarter valued at $39,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. Company insiders own 47.18% of the company’s stock.

Key Stories Impacting DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: TD Cowen raised its price target on DraftKings to $35 from $30 and reiterated a Buy rating, signaling confidence in roughly 32% upside from current levels. Article Title
• Positive Sentiment: DraftKings announced it will launch its online sportsbook and casino in Alberta on July 13, expanding its North American footprint into its second Canadian province and 34th jurisdiction overall. Article Title
• Positive Sentiment: Michael Burry disclosed a stake in DraftKings, saying he bought shares around $26 and betting that competition from prediction markets will face tighter regulation over time, which helped fuel interest in beaten-down sportsbook stocks. Article Title
• Positive Sentiment: Analysts remain broadly constructive, with a consensus price target near $34.30 and the majority of ratings still at Buy, suggesting Wall Street sees meaningful upside if sentiment improves. Article Title
• Neutral Sentiment: Recent commentary highlighted conflicting analyst views and technical pressure, reflecting ongoing uncertainty about whether DKNG can stabilize after a sharp multi-month pullback. Article Title
• Negative Sentiment: A recent Yahoo Finance article warned of “3 Reasons to Sell DKNG”, reinforcing bearish sentiment after a difficult six months for the stock. Article Title
• Negative Sentiment: Another report noted DraftKings declined even as the broader market rose, underscoring investor concern that the stock remains vulnerable to sector competition and momentum weakness. Article Title

DraftKings Price Performance

Shares of DKNG opened at $26.48 on Monday. The business’s fifty day moving average is $25.72 and its 200 day moving average is $26.42. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The stock has a market cap of $13.14 billion, a P/E ratio of 441.33 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period last year, the business posted ($0.07) earnings per share. Sell-side analysts anticipate that DraftKings Inc. will post 0.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several research analyst reports. Guggenheim reissued a “buy” rating and issued a $35.00 price objective on shares of DraftKings in a research report on Wednesday, June 24th. Stephens started coverage on DraftKings in a research note on Friday, April 24th. They set an “overweight” rating for the company. UBS Group lifted their target price on DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Freedom Capital raised DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Finally, TD Cowen raised their price objective on shares of DraftKings from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $34.46.

DraftKings Company Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.