31,098 Shares in DraftKings Inc. $DKNG Purchased by Voleon Capital Management LP

Key Points

• Voleon Capital Management LP has acquired 31,098 shares of DraftKings Inc., valued at approximately $1,033,000, as part of their positioning in the first quarter.
• Multiple institutional investors have increased their stakes in DraftKings, with T. Rowe Price Investment Management boosting theirs by 0.7%, now owning over 18.7 million shares valued at approximately $621 million.
• DraftKings has reported strong quarterly earnings with revenues of $1.51 billion, surpassing analyst estimates, and is projected to post an EPS of 0.64 for the current year.

Voleon Capital Management LP acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 31,098 shares of the company's stock, valued at approximately $1,033,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. T. Rowe Price Investment Management Inc. boosted its stake in shares of DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock valued at $621,030,000 after purchasing an additional 130,434 shares during the period. Janus Henderson Group PLC grew its position 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 worth $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Baillie Gifford & Co. increased its stake in DraftKings by 26.5% in 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 period. Massachusetts Financial Services Co. MA boosted its position in shares of DraftKings by 4.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock worth $235,746,000 after purchasing an additional 301,134 shares in the last quarter. Finally, Eminence Capital LP boosted its position 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 in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Benchmark boosted their price objective on shares of DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Stifel Nicolaus dropped their price objective on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price for the company. Truist Financial boosted their target price 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. Finally, Guggenheim dropped their price target on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Twenty-four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $54.37.

Insider Activity

In related news, Director Jocelyn Moore sold 4,861 shares of DraftKings 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 transaction, the director directly owned 1,461 shares of the company's stock, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction dated 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 transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 816,662 shares of company stock valued at $35,460,274 over the last quarter. Insiders own 47.08% of the company's stock.

DraftKings Stock Performance

DKNG stock opened at $46.32 on Tuesday. The stock has a market capitalization of $41.20 billion, a price-to-earnings ratio of -71.26, a PEG ratio of 1.10 and a beta of 1.73. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The stock's fifty day moving average is $44.70 and its two-hundred day moving average is $39.58.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 30.06% and a negative net margin of 5.63%.The company's quarterly revenue was up 36.9% compared to the same quarter last year. During the same period last year, the company earned $0.12 earnings per share. 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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.