Apollon Wealth Management LLC Acquires Shares of 5,833 DraftKings Inc. $DKNG

Apollon Wealth Management LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,833 shares of the company’s stock, valued at approximately $250,000.

Other large investors have also modified their holdings of the company. Brown Advisory Inc. boosted its holdings in DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after acquiring an additional 968 shares during the period. IFM Investors Pty Ltd boosted its stake in shares of DraftKings by 9.3% in the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock valued at $2,781,000 after purchasing an additional 7,147 shares during the period. Capital Investment Advisory Services LLC purchased a new position in shares of DraftKings in the first quarter valued at $515,000. Allspring Global Investments Holdings LLC grew its holdings in DraftKings by 18.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock valued at $90,558,000 after purchasing an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems purchased a new stake in DraftKings during the 1st quarter worth $1,026,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Down 3.1%

NASDAQ DKNG opened at $34.10 on Friday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The company has a 50-day simple moving average of $42.18 and a 200-day simple moving average of $39.62. The firm has a market capitalization of $16.93 billion, a PE ratio of -52.46, a price-to-earnings-growth ratio of 0.85 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last released 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 net margin of 5.63% and a negative return on equity of 30.06%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the business earned $0.12 earnings per share. DraftKings’s quarterly revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares in the company, valued at $63,129.81. The trade was a 76.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction on 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 transaction, the insider owned 512,181 shares of the company’s stock, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 552,777 shares of company stock worth $24,690,599. 51.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DKNG. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Morgan Stanley reiterated an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Barclays restated an “overweight” rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Citigroup restated a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. Finally, Northland Securities set a $30.00 target price on DraftKings in a research note on Monday, October 13th. Twenty-seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price 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.