Vanguard Personalized Indexing Management LLC reduced its stake in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) by 5.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,614 shares of the company’s stock after selling 2,226 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in DraftKings were worth $1,699,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. TD Private Client Wealth LLC lifted its stake in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings in the first quarter valued at about $27,000. Bank of Jackson Hole Trust purchased a new stake in DraftKings in the first quarter valued at about $31,000. Summit Securities Group LLC raised its stake in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the last quarter. Finally, Ameritas Advisory Services LLC purchased a new stake in DraftKings in the second quarter valued at about $48,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
DKNG has been the subject of a number of research analyst reports. BTIG Research decreased their price target on DraftKings from $53.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Stifel Nicolaus decreased their price target 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 set a $30.00 price target on DraftKings in a research note on Monday. UBS Group decreased their price target on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Finally, Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Twenty-seven equities 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 MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.
Insider Activity
In related news, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the sale, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the firm’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 sale, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 552,777 shares of company stock valued at $24,690,599 over the last 90 days. Company insiders own 51.19% of the company’s stock.
DraftKings Trading Down 0.9%
Shares of NASDAQ:DKNG opened at $35.19 on Friday. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of -54.14, a PEG ratio of 0.89 and a beta of 1.99. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The business has a 50-day moving average price of $42.36 and a 200-day moving average price of $39.58.
DraftKings (NASDAQ:DKNG – Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion during 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 company’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period last year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Equities analysts predict 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.
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