Sivia Capital Partners LLC Buys Shares of 14,055 DraftKings Inc. $DKNG

Key Points

• Sivia Capital Partners LLC has acquired a new stake in DraftKings Inc., purchasing 14,055 shares valued at approximately $603,000.
• Analysts have issued a consensus rating of "Moderate Buy" for DraftKings, with a price target averaging $55.12, supported by multiple brokerages including Barclays and Morgan Stanley.
• Insider sales included significant transactions by R Stanton Dodge and Matthew Kalish, who sold over 315,000 shares collectively in recent weeks.

Sivia Capital Partners LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 14,055 shares of the company's stock, valued at approximately $603,000.

A number of other institutional investors have also recently made changes to their positions in the business. Sunpointe LLC bought a new position in shares of DraftKings in the 2nd quarter valued at about $640,000. Sapient Capital LLC raised its position in DraftKings by 15.5% in the 2nd quarter. Sapient Capital LLC now owns 22,218 shares of the company's stock worth $953,000 after purchasing an additional 2,979 shares during the period. Pallas Capital Advisors LLC raised its position in DraftKings by 38.0% in the 2nd quarter. Pallas Capital Advisors LLC now owns 87,918 shares of the company's stock worth $3,771,000 after purchasing an additional 24,193 shares during the period. Krilogy Financial LLC purchased a new stake in DraftKings in the 2nd quarter worth about $822,000. Finally, Triumph Capital Management purchased a new stake in DraftKings in the 2nd quarter worth about $490,000. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DKNG shares. 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. Morgan Stanley reissued an "overweight" rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Susquehanna reissued a "positive" rating and issued a $64.00 price objective on shares of DraftKings in a research report on Friday, August 8th. Wall Street Zen lowered shares of DraftKings from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, Truist Financial increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Twenty-four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.12.

Insider Buying and Selling

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of the firm'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 transaction of $210,043.81. Following the completion of the sale, the director owned 1,461 shares of the company's stock, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 658,331 shares of company stock valued at $29,285,365 over the last quarter. Insiders own 51.19% of the company's stock.

DraftKings Stock Up 1.5%

DKNG stock traded up $0.66 during trading on Thursday, hitting $43.30. 10,247,094 shares of the company's stock traded hands, compared to its average volume of 7,132,597. The firm has a market capitalization of $21.50 billion, a P/E ratio of -66.62, a PEG ratio of 1.01 and a beta of 1.73. The business has a fifty day simple moving average of $45.06 and a two-hundred day simple moving average of $39.69. 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 1 year low of $29.64 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating 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 net margin of 5.63% and a negative return on equity of 30.06%. DraftKings's revenue was up 36.9% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

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.