Gables Capital Management Inc. Lowers Stock Holdings in DraftKings Inc. $DKNG

Gables Capital Management Inc. lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 12.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,450 shares of the company’s stock after selling 2,000 shares during the period. Gables Capital Management Inc.’s holdings in DraftKings were worth $620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings in the 1st quarter valued at about $27,000. Bank of Jackson Hole Trust acquired a new stake in DraftKings in the 1st quarter valued at about $31,000. TD Private Client Wealth LLC raised its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares in the last quarter. Summit Securities Group LLC raised its position in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $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 about $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DKNG shares. UBS Group reduced their price target on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. BTIG Research cut their target price on DraftKings from $53.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Northland Securities set a $30.00 target price on DraftKings in a research report on Monday, October 13th. JMP Securities cut their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. Finally, Mizuho cut their target price on DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. 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 company’s stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $52.83.

DraftKings Trading Up 0.1%

DKNG opened at $33.62 on Wednesday. The firm has a market cap of $16.69 billion, a price-to-earnings ratio of -51.72, a price-to-earnings-growth ratio of 0.84 and a beta of 1.99. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. The business’s 50 day moving average is $41.81 and its two-hundred day moving average is $39.64. 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 (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm’s revenue was up 36.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 552,777 shares of company stock valued at $24,690,599. 47.08% of the stock is owned by company insiders.

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.