Ingalls & Snyder LLC Raises Holdings in DraftKings Inc. $DKNG

Ingalls & Snyder LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 10.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 233,582 shares of the company’s stock after acquiring an additional 22,044 shares during the period. Ingalls & Snyder LLC’s holdings in DraftKings were worth $10,018,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Private Client Wealth LLC raised its position 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 acquiring an additional 282 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings during the 1st quarter worth about $27,000. Bank of Jackson Hole Trust acquired a new stake in shares of DraftKings during the 1st quarter worth about $31,000. Summit Securities Group LLC increased its position in DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after buying an additional 810 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new position in DraftKings during the second quarter worth approximately $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research note on Friday. Morgan Stanley reiterated an “overweight” rating and set a $52.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Benchmark reiterated a “buy” rating on shares of DraftKings in a research report on Wednesday. Truist Financial decreased their target price on DraftKings from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, October 21st. Finally, Jefferies Financial Group set a $52.00 target price on DraftKings in a research report on Monday, October 6th. Twenty-seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $52.83.

DraftKings Stock Down 4.9%

Shares of NASDAQ:DKNG opened at $33.00 on Friday. 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 Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The stock’s fifty day simple moving average is $41.22 and its 200-day simple moving average is $39.68. The company has a market capitalization of $16.38 billion, a P/E ratio of -50.77, a P/E/G ratio of 0.82 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last released its earnings results 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 firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the company’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director directly owned 402 shares in the company, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the sale, the chief financial officer owned 128,131 shares of the company’s stock, valued at $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 605,554 shares of company stock valued at $26,515,100 over the last three months. Insiders own 51.19% of the company’s stock.

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.