Korea Investment CORP Has $8.03 Million Holdings in DraftKings Inc. $DKNG

Korea Investment CORP cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 21.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 241,869 shares of the company’s stock after selling 65,603 shares during the period. Korea Investment CORP’s holdings in DraftKings were worth $8,032,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of DKNG. Janus Henderson Group PLC grew its stake in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Nuveen LLC acquired a new position in shares of DraftKings in the first quarter valued at about $107,739,000. AGF Management Ltd. acquired a new position in shares of DraftKings in the first quarter valued at about $83,622,000. Baillie Gifford & Co. grew its stake in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. Finally, Eminence Capital LP acquired a new position in shares of DraftKings in the fourth quarter valued at about $65,255,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. Sanford C. Bernstein initiated coverage on shares of DraftKings in a research note on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price objective on the stock. Morgan Stanley reiterated an “overweight” rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Wall Street Zen upgraded shares of DraftKings from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Northland Securities set a $50.00 price objective on shares of DraftKings in a research note on Friday, April 25th. Twenty-five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.50.

Insider Activity at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the sale, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. This trade represents a 4.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 690,631 shares of company stock valued at $28,830,492. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Up 2.4%

DKNG opened at $47.18 on Friday. The company’s 50 day moving average is $43.26 and its 200-day moving average is $39.64. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The company has a market cap of $41.97 billion, a P/E ratio of -72.58, a PEG ratio of 1.09 and a beta of 1.70.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the company posted $0.12 EPS. The firm’s quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.