Institute for Wealth Management LLC. Decreases Position in DraftKings Inc. $DKNG

Institute for Wealth Management LLC. trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,052 shares of the company’s stock after selling 755 shares during the quarter. Institute for Wealth Management LLC.’s holdings in DraftKings were worth $946,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its holdings in shares of DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after acquiring an additional 130,434 shares during the last quarter. Baillie Gifford & Co. raised its holdings 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 worth $278,640,000 after acquiring an additional 1,756,778 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of DraftKings by 4.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock worth $235,746,000 after acquiring an additional 301,134 shares during the last quarter. Eminence Capital LP raised its holdings in shares of DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after acquiring an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after acquiring an additional 4,486,488 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the sale, the director owned 1,461 shares of the company’s stock, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the sale, the insider directly owned 512,181 shares of the company’s stock, valued at $24,262,013.97. The trade was a 17.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 658,331 shares of company stock valued at $29,285,365. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $35.16 on Thursday. The firm has a market capitalization of $17.46 billion, a PE ratio of -54.09, a P/E/G ratio of 0.89 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The business has a 50-day moving average of $44.62 and a two-hundred day moving average of $39.83. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Sanford C. Bernstein assumed coverage on DraftKings in a report on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 price target for the company. Citigroup reissued a “neutral” rating on shares of DraftKings in a report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Wall Street Zen upgraded DraftKings from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Finally, Stifel Nicolaus dropped their target price on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Twenty-six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.50.

DraftKings Company 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.