Allstate Corp Has $629,000 Stake in DraftKings Inc. $DKNG

Key Points

• Allstate Corp has increased its stake in DraftKings Inc. by 47.5%, acquiring a total of 18,942 shares valued at $629,000.
• DraftKings reported a quarterly revenue of $1.51 billion, surpassing analyst expectations and reflecting a year-over-year growth of 36.9%.
• Following recent sales by insiders, corporate insiders now own 51.19% of DraftKings' stock, indicating significant ownership remains within the company.

Allstate Corp raised its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 47.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,942 shares of the company's stock after buying an additional 6,098 shares during the quarter. Allstate Corp's holdings in DraftKings were worth $629,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its holdings in shares of DraftKings by 0.7% during 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 last quarter. Janus Henderson Group PLC grew its holdings in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after purchasing an additional 1,756,778 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of DraftKings by 4.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock valued at $235,746,000 after purchasing an additional 301,134 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. grew its holdings in shares of DraftKings by 10.2% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 5,245,494 shares of the company's stock valued at $195,132,000 after purchasing an additional 484,794 shares during the last quarter. 37.70% of the stock is owned by institutional investors.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.25 on Friday, reaching $47.98. 4,825,595 shares of the company traded hands, compared to its average volume of 9,333,800. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61. The company's 50 day moving average is $44.12 and its 200-day moving average is $39.77. The stock has a market capitalization of $42.68 billion, a PE ratio of -73.82, a P/E/G ratio of 1.14 and a beta of 1.70. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the prior year, the firm earned $0.12 EPS. The company's quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on 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 upped their target price on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Morgan Stanley restated an "overweight" rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Mizuho cut their target price on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Finally, Barclays restated an "overweight" rating and issued a $54.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Twenty-five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.50.

Insiders Place Their Bets

In other news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction 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 transaction, the insider directly owned 4,190,233 shares of the company's stock, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the director directly owned 1,461 shares in the company, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 763,885 shares of company stock valued at $32,227,682 in the last three months. Company insiders own 51.19% of the company's stock.

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.