7,779 Shares in DraftKings Inc. $DKNG Bought by Synovus Financial Corp

Key Points

• Synovus Financial Corp has purchased 7,779 shares of DraftKings Inc., valued at approximately $258,000, marking a new position for the firm in the company.
• DraftKings reported a quarterly earnings of $0.30 per share, surpassing analysts' estimates and achieving a 36.9% increase in revenue year-over-year.
• Insiders at DraftKings have sold a significant number of shares recently, with over 763,885 shares sold in the past ninety days, indicating a 51.19% insider ownership remaining in the company.

Synovus Financial Corp bought a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,779 shares of the company's stock, valued at approximately $258,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DKNG. Dimensional Fund Advisors LP increased its holdings in shares of DraftKings by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,105,643 shares of the company's stock worth $41,129,000 after buying an additional 64,088 shares during the last quarter. Beacon Pointe Advisors LLC increased its holdings in shares of DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after buying an additional 203 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of DraftKings by 2.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 26,236 shares of the company's stock worth $976,000 after buying an additional 576 shares during the last quarter. Northern Trust Corp increased its holdings in shares of DraftKings by 11.7% during the 4th quarter. Northern Trust Corp now owns 2,606,308 shares of the company's stock worth $96,955,000 after buying an additional 272,290 shares during the last quarter. Finally, Lido Advisors LLC increased its holdings in shares of DraftKings by 25.2% during the 4th quarter. Lido Advisors LLC now owns 7,037 shares of the company's stock worth $262,000 after buying an additional 1,417 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of NASDAQ:DKNG traded up $0.18 during trading hours on Wednesday, hitting $48.09. The stock had a trading volume of 3,275,128 shares, compared to its average volume of 10,136,484. The stock's fifty day simple moving average is $44.35 and its 200 day simple moving average is $39.74. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $42.77 billion, a price-to-earnings ratio of -73.98, a PEG ratio of 1.14 and a beta of 1.73. 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 posted 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 business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business's revenue was up 36.9% on a year-over-year basis. During the same period last year, the firm 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 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director owned 402 shares of the company's stock, valued at $18,459.84. This trade represents a 99.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction 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 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 711,108 shares of company stock worth $30,460,181. 47.08% of the stock is currently owned by insiders.

Analyst Ratings Changes

DKNG has been the subject of a number of research reports. Truist Financial upped their price target 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. Needham & Company LLC reissued a "buy" rating and issued a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. Morgan Stanley restated an "overweight" rating and issued a $52.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Bank of America cut their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Mizuho dropped their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Twenty-five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $54.50.

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.