TD Asset Management Inc Sells 106,689 Shares of DraftKings Inc. $DKNG

TD Asset Management Inc lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,519,225 shares of the company’s stock after selling 106,689 shares during the quarter. TD Asset Management Inc owned 0.17% of DraftKings worth $65,160,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. RFG Advisory LLC grew its stake in shares of DraftKings by 151.5% in the 2nd quarter. RFG Advisory LLC now owns 22,490 shares of the company’s stock worth $965,000 after acquiring an additional 13,546 shares in the last quarter. NorthRock Partners LLC bought a new stake in DraftKings in the 2nd quarter worth about $348,000. Envestnet Portfolio Solutions Inc. grew its position in DraftKings by 5.6% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 164,968 shares of the company’s stock worth $7,075,000 after purchasing an additional 8,735 shares in the last quarter. Yousif Capital Management LLC purchased a new stake in DraftKings in the 2nd quarter valued at about $253,000. Finally, CWM LLC lifted its position in shares of DraftKings by 35.4% during the 2nd quarter. CWM LLC now owns 183,230 shares of the company’s stock worth $7,859,000 after buying an additional 47,875 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG opened at $35.50 on Thursday. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. 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 stock’s fifty day moving average price is $42.56 and its two-hundred day moving average price is $39.57. The firm has a market cap of $17.62 billion, a PE ratio of -54.62, a PEG ratio of 0.73 and a beta of 1.99.

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

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the transaction, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction 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 sale, the chief financial officer directly owned 128,131 shares in the company, valued at $5,753,081.90. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 658,331 shares of company stock valued at $29,285,365. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Susquehanna decreased their price target on DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a research report on Tuesday. Morgan Stanley restated an “overweight” rating and issued a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Mizuho decreased their target price on DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a research report on Tuesday, October 7th. Northland Capmk downgraded shares of DraftKings from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, October 1st. Finally, Citigroup restated a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. Twenty-seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.00.

DraftKings 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.