Midwest Trust Co Takes Position in DraftKings Inc. $DKNG

Midwest Trust Co purchased a new position in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 102,336 shares of the company’s stock, valued at approximately $4,389,000.

Several other hedge funds have also recently modified their holdings of DKNG. TD Private Client Wealth LLC grew its holdings 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 valued at $34,000 after buying an additional 282 shares during the last quarter. Bank of Jackson Hole Trust acquired a new stake in DraftKings during the 1st quarter worth about $31,000. Summit Securities Group LLC grew its stake in DraftKings by 349.1% during 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 during the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of DraftKings in the second quarter valued at about $45,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of DraftKings in the second quarter worth about $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Price Performance

DraftKings stock opened at $30.40 on Monday. The company has a 50-day moving average price of $37.88 and a 200 day moving average price of $39.48. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The stock has a market cap of $15.09 billion, a P/E ratio of -53.33, a PEG ratio of 1.03 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm posted ($0.60) earnings per share. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction 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 owned 1,461 shares in the company, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $29.00, for a total value of $1,530,533.00. Following the completion of the sale, the insider owned 500,454 shares in the company, valued at approximately $14,513,166. The trade was a 9.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 552,777 shares of company stock worth $23,337,924 over the last 90 days. 47.08% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DKNG. Stifel Nicolaus dropped their target price on DraftKings from $51.00 to $50.00 and set a “buy” rating on the stock in a report on Monday, October 27th. BMO Capital Markets dropped their price objective on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 4th. Zacks Research lowered shares of DraftKings from a “hold” rating to a “strong sell” rating in a report on Thursday. Mizuho decreased their target price on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a research note on Tuesday, October 7th. Finally, Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a research report on Monday, October 6th. Twenty-six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and an average price target of $51.83.

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.