10,000 Shares in DraftKings Inc. $DKNG Purchased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management LLC purchased 10,000 shares of DraftKings Inc. for approximately $429,000 in the 2nd quarter, highlighting increased institutional interest in the stock.
• Insider trading activity saw Director Ryan R. Moore sell 76,390 shares at $45.92, reducing his ownership by 99.48%, while insiders collectively sold over 605,554 shares valued at over $26 million in recent months.
• DraftKings reported a 36.9% revenue increase year-over-year in their latest quarterly earnings, with EPS outperforming analysts' estimates, signaling potential growth despite a negative return on equity.

International Assets Investment Management LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,000 shares of the company's stock, valued at approximately $429,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. TD Private Client Wealth LLC grew its holdings in 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 acquiring an additional 282 shares during the period. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings during the first quarter worth about $27,000. Bank of Jackson Hole Trust acquired a new stake in DraftKings in the first quarter valued at approximately $31,000. Summit Securities Group LLC grew its holdings in DraftKings by 349.1% in the first 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 period. Finally, Ameritas Advisory Services LLC acquired a new stake in DraftKings in the second quarter valued at approximately $48,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director owned 402 shares in the company, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Friday, October 17th. The shares were sold at an average price of $34.57, for a total value of $1,824,500.89. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at $17,285,000. This represents a 9.55% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 605,554 shares of company stock valued at $26,515,100. 51.19% of the stock is currently owned by company insiders.

DraftKings Stock Performance

Shares of DraftKings stock opened at $34.70 on Thursday. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The company has a market cap of $17.23 billion, a price-to-earnings ratio of -53.38, a PEG ratio of 0.84 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The business's 50 day moving average price is $41.64 and its 200 day moving average price is $39.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates 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 quarter last year, the business posted $0.12 earnings per share. The firm's revenue was up 36.9% compared to the same quarter last year. 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.

Wall Street Analyst Weigh In

Several analysts have commented on the company. BTIG Research dropped their price objective on DraftKings from $53.00 to $45.00 and set a "buy" rating on the stock in a report on Thursday, October 2nd. Morgan Stanley reissued an "overweight" rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. Oppenheimer dropped their price objective on DraftKings from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, October 1st. Benchmark reissued a "buy" rating on shares of DraftKings in a report on Wednesday. Finally, Susquehanna lowered their price target on DraftKings from $64.00 to $59.00 and set a "positive" rating on the stock in a research note on Tuesday, October 14th. Twenty-seven equities 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 company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $52.83.

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.

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