12,467 Shares in DraftKings Inc. $DKNG Purchased by Fortis Capital Advisors LLC

Key Points

• Fortis Capital Advisors LLC acquired 12,467 shares of DraftKings, valued at approximately $535,000, indicating growing institutional interest in the company.
• Insider trading activity reflects a sell-off trend, with insiders, including Matthew Kalish and R. Stanton Dodge, selling over 658,000 shares worth nearly $29.3 million in the last ninety days.
• DraftKings reported a revenue increase of 36.9% year-over-year, achieving $1.51 billion for the quarter, significantly surpassing analysts’ expectations.

Fortis Capital Advisors LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,467 shares of the company's stock, valued at approximately $535,000.

Several other large investors have also recently added to or reduced their stakes in DKNG. AQR Capital Management LLC lifted its position in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after buying an additional 4,486,488 shares during the period. Eminence Capital LP lifted its position in DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after buying an additional 3,423,909 shares during the period. Nuveen LLC purchased a new position in DraftKings during the first quarter worth about $107,739,000. AGF Management Ltd. purchased a new position in DraftKings during the first quarter worth about $83,622,000. Finally, Baillie Gifford & Co. lifted its position in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after buying an additional 1,756,778 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the sale, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the sale, the insider owned 512,181 shares of the company's stock, valued at $24,262,013.97. This trade represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 658,331 shares of company stock worth $29,285,365. Corporate insiders own 51.19% of the company's stock.

DraftKings Price Performance

DKNG stock opened at $35.37 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 50 day moving average is $44.25 and its two-hundred day moving average is $39.80. The company has a market capitalization of $17.56 billion, a PE ratio of -54.42, a P/E/G ratio of 0.93 and a beta of 1.99.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the previous year, the business earned $0.12 EPS. DraftKings'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. Analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Barclays reiterated an "overweight" rating and set a $54.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Northland Capmk downgraded DraftKings from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday. Wall Street Zen downgraded DraftKings from a "buy" rating to a "hold" rating in a report on Friday. Benchmark cut their price objective on DraftKings from $53.00 to $43.00 and set a "buy" rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. started coverage on DraftKings in a report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price objective on the stock. Twenty-six research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $53.89.

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.

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