Canvas Wealth Advisors LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,850 shares of the company’s stock, valued at approximately $215,000.
Other large investors also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC acquired a new position in DraftKings during the 1st quarter worth approximately $27,000. Bank of Jackson Hole Trust bought a new stake in shares of DraftKings during the first quarter valued at approximately $31,000. TD Private Client Wealth LLC raised its position in shares of DraftKings by 54.4% during the second 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 period. Summit Securities Group LLC lifted its holdings in shares of DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in DraftKings in the 2nd quarter valued at $48,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity 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 shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 552,777 shares of company stock worth $24,690,599. 47.08% of the stock is owned by company insiders.
DraftKings Price Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.DraftKings’s revenue was up 36.9% on a year-over-year basis. During the same period last year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.
Analysts Set New Price Targets
Several research analysts have weighed in on DKNG shares. Benchmark lowered their price objective on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. Citigroup restated a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. JMP Securities dropped their price target on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.00.
Check Out Our Latest Stock Analysis on DKNG
About DraftKings
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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