Perpetual Ltd Buys Shares of 15,874 DraftKings Inc. $DKNG

Key Points

• Perpetual Ltd has acquired 15,874 shares in DraftKings, valued at approximately $681,000, marking a significant investment during the 2nd quarter.
• DraftKings reported a quarterly earnings per share of $0.30, exceeding analysts' expectations, with revenue of $1.51 billion, up 36.9% year-over-year.
• Institutional investors own 37.70% of DraftKings stock, indicating strong market interest, while insiders sold a total of 658,331 shares in the last 90 days.

Perpetual Ltd bought a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 15,874 shares of the company's stock, valued at approximately $681,000.

Several other institutional investors have also recently made changes to their positions in DKNG. AQR Capital Management LLC raised its stake in shares of DraftKings by 2,138.9% during the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after purchasing an additional 4,486,488 shares during the period. Eminence Capital LP raised its stake in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after purchasing an additional 3,423,909 shares during the period. Nuveen LLC bought a new stake in shares of DraftKings during the 1st quarter worth $107,739,000. AGF Management Ltd. bought a new stake in shares of DraftKings during the 1st quarter worth $83,622,000. Finally, Baillie Gifford & Co. raised its stake in shares of DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after purchasing an additional 1,756,778 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Up 0.0%

DKNG traded up $0.02 during trading on Tuesday, reaching $43.86. The stock had a trading volume of 3,770,722 shares, compared to its average volume of 10,032,117. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The company has a market capitalization of $21.78 billion, a price-to-earnings ratio of -67.50, a P/E/G ratio of 1.03 and a beta of 1.73. The stock's 50 day moving average is $45.07 and its two-hundred day moving average is $39.71. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results 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 analysts' expectations of $1.39 billion. During the same period in the prior year, the firm posted $0.12 earnings per share. The company's quarterly revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the sale, the director directly owned 1,461 shares of the company's stock, valued at $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director directly owned 402 shares in the company, valued at $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 658,331 shares of company stock valued at $29,285,365 over the last three months. 47.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of recent analyst reports. Barclays reiterated an "overweight" rating and set a $54.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. JMP Securities reduced their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a report on Thursday, June 5th. Wall Street Zen raised DraftKings from a "hold" rating to a "buy" rating in a research note on Saturday. Sanford C. Bernstein began coverage on DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price objective for the company. Finally, Susquehanna reiterated a "positive" rating and issued a $64.00 price objective on shares of DraftKings in a research report on Friday, August 8th. Twenty-four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.12.

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.