MGO Private Wealth LLC Makes New Investment in DraftKings Inc. $DKNG

MGO Private Wealth LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,325 shares of the company’s stock, valued at approximately $228,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Elevate Capital Advisors LLC acquired a new stake in DraftKings during the second quarter worth $662,000. QRG Capital Management Inc. increased its stake in DraftKings by 2.1% during the second quarter. QRG Capital Management Inc. now owns 73,151 shares of the company’s stock worth $3,137,000 after acquiring an additional 1,539 shares during the last quarter. Fortis Capital Advisors LLC acquired a new stake in shares of DraftKings in the second quarter valued at $535,000. Ameritas Advisory Services LLC acquired a new stake in shares of DraftKings in the second quarter valued at $48,000. Finally, Lecap Asset Management Ltd. grew its stake in shares of DraftKings by 9.6% in the second quarter. Lecap Asset Management Ltd. now owns 14,983 shares of the company’s stock valued at $643,000 after buying an additional 1,312 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. The trade was a 4.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 658,331 shares of company stock worth $29,285,365 over the last three months. 51.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on DraftKings in a research note on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price objective for the company. Stifel Nicolaus dropped their price objective on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Northland Securities reaffirmed an “under perform” rating and issued a $33.00 price objective (down from $53.00) on shares of DraftKings in a research note on Wednesday. Barclays reaffirmed an “overweight” rating and issued a $54.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Finally, JMP Securities decreased their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday. Twenty-six analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.89.

DraftKings Stock Performance

Shares of DKNG stock opened at $35.37 on Friday. The stock has a market capitalization of $17.56 billion, a PE ratio of -54.42, a price-to-earnings-growth ratio of 0.93 and a beta of 1.99. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The stock’s 50-day moving average price is $44.25 and its 200 day moving average price is $39.80. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

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.