Kaufman Rossin Wealth LLC Buys Shares of 10,288 DraftKings Inc. $DKNG

Key Points

• Kaufman Rossin Wealth LLC acquired a new stake in DraftKings Inc., purchasing 10,288 shares valued at approximately $342,000 in its recent filing.
• Several institutional investors, including T. Rowe Price and Janus Henderson Group, have significantly increased their holdings in DraftKings, demonstrating strong institutional support with 37.70% of the stock owned by these investors.
• DraftKings reported a quarterly earnings per share (EPS) of $0.30, surpassing expectations, and a year-over-year revenue increase of 36.9% to reach $1.51 billion.

Kaufman Rossin Wealth LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,288 shares of the company's stock, valued at approximately $342,000.

A number of other hedge funds have also recently made changes to their positions in DKNG. Janus Henderson Group PLC raised its holdings in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after buying an additional 9,352,019 shares during the last quarter. Nuveen LLC bought a new stake in DraftKings during the 1st quarter valued at $107,739,000. AGF Management Ltd. bought a new stake in DraftKings during the 1st quarter valued at $83,622,000. Baillie Gifford & Co. raised its holdings in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after buying an additional 1,756,778 shares during the last quarter. Finally, Eminence Capital LP bought a new stake in DraftKings during the 4th quarter valued at $65,255,000. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DKNG has been the subject of a number of recent analyst reports. Benchmark upped their price target on shares of DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Barclays reissued an "overweight" rating and set a $54.00 price objective (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Mizuho reduced their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. Jefferies Financial Group reissued a "buy" rating and set a $54.00 price objective (up from $53.00) on shares of DraftKings in a research report on Friday, August 8th. Finally, JMP Securities reduced their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Thursday, June 5th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.

Insider Buying and Selling at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the company'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 owned 4,190,233 shares in the company, valued at $179,760,995.70. The trade was a 4.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director 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. Insiders sold 690,631 shares of company stock valued at $28,830,492 over the last 90 days. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Up 2.4%

Shares of NASDAQ:DKNG traded up $1.09 during midday trading on Friday, reaching $47.18. The company's stock had a trading volume of 6,724,345 shares, compared to its average volume of 10,259,866. The firm has a 50 day moving average of $43.26 and a 200-day moving average of $39.62. The firm has a market capitalization of $41.97 billion, a P/E ratio of -72.58, a PEG ratio of 1.12 and a beta of 1.70. 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 12-month low of $29.64 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company's revenue was up 36.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.