DraftKings Inc. $DKNG Shares Acquired by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its holdings in DraftKings by 4.5%, bringing its total shares to 2,375,712, valued at approximately $78.9 million.
• Recent analyst reports show a range of price targets for DraftKings stock, with a consensus target price of $54.37 and a rating of "Moderate Buy" from 24 analysts.
• DraftKings reported $1.51 billion in revenue for the last quarter, exceeding expectations and marking a 36.9% increase from the previous year.

Alliancebernstein L.P. increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,375,712 shares of the company's stock after purchasing an additional 101,645 shares during the quarter. Alliancebernstein L.P. owned about 0.27% of DraftKings worth $78,897,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Brown Advisory Inc. grew its position in DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock worth $252,000 after buying an additional 968 shares in the last quarter. IFM Investors Pty Ltd increased its position in shares of DraftKings by 9.3% during the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock valued at $2,781,000 after purchasing an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC bought a new position in shares of DraftKings during the 1st quarter valued at about $515,000. Allspring Global Investments Holdings LLC boosted its position in DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock valued at $90,558,000 after buying an additional 434,525 shares during the period. Finally, Kentucky Retirement Systems bought a new position in shares of DraftKings during the first quarter valued at about $1,026,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price for the company. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the stock a "hold" rating in a report on Friday, August 8th. Truist Financial increased their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Barclays reiterated an "overweight" rating and issued a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Finally, JMP Securities lowered their target price on DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research note on Thursday, June 5th. Twenty-four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.12.

DraftKings Stock Down 3.7%

NASDAQ DKNG traded down $1.68 during mid-day trading on Friday, reaching $44.19. The stock had a trading volume of 7,022,306 shares, compared to its average volume of 10,047,437. The stock has a market cap of $21.94 billion, a PE ratio of -68.03, a price-to-earnings-growth ratio of 1.08 and a beta of 1.73. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The company has a fifty day moving average price of $44.97 and a 200 day moving average price of $39.68. 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 EPS for the quarter, topping the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion during 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%.DraftKings's revenue was up 36.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction dated 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 owned 4,190,233 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the firm's 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 completion of the sale, the director directly owned 1,461 shares of the company's stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 816,662 shares of company stock worth $35,460,274. Company insiders own 51.19% of the company's stock.

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.