DraftKings Inc. $DKNG Shares Sold by Amundi

Key Points

• Amundi has reduced its holdings in DraftKings Inc. by 6.1%, now owning approximately $30.55 million worth of stock after selling 60,949 shares in the first quarter.
• Insider transactions at DraftKings have seen Matthew Kalish selling 210,000 shares for about $9 million, resulting in a substantial decrease in his ownership.
• Analysts have mixed ratings for DraftKings, with an average target price of $54.37 and 24 analysts rating it a Buy, while two maintain a Hold rating.

Amundi trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 942,997 shares of the company's stock after selling 60,949 shares during the period. Amundi owned about 0.11% of DraftKings worth $30,553,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in DKNG. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the 4th quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new position in shares of DraftKings in the 1st quarter valued at approximately $26,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of DraftKings in the 1st quarter valued at approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings in the 4th quarter valued at approximately $28,000. Finally, GPS Wealth Strategies Group LLC raised its position in shares of DraftKings by 197.9% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares of the company's stock, valued at approximately $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares of the company's stock, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 816,662 shares of company stock valued at $35,460,274. Company insiders own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent analyst reports. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. Morgan Stanley reaffirmed 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. Truist Financial boosted their price target on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Wall Street Zen downgraded DraftKings from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Finally, Jefferies Financial Group set a $54.00 price target on DraftKings in a report on Thursday, August 21st. 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 MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and an average target price of $55.12.

DraftKings Stock Performance

DKNG traded down $1.76 during trading on Friday, reaching $44.11. 7,895,236 shares of the company were exchanged, compared to its average volume of 10,052,069. The stock has a market cap of $21.90 billion, a P/E ratio of -67.78, a PEG ratio of 1.08 and a beta of 1.73. The firm has a 50 day moving average of $44.97 and a 200 day moving average of $39.68. 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 Inc. has a 52 week low of $29.64 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $1.39 billion. During the same quarter in the prior year, the business posted $0.12 earnings per share. The company's revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.