Asio Capital LLC Has $3.10 Million Holdings in DraftKings Inc. $DKNG

Key Points

• Asio Capital LLC increased its stake in DraftKings by 14.4%, holding 72,183 shares worth approximately $3.1 million as of the end of the second quarter.
• DraftKings' most recent quarterly earnings report revealed a revenue of $1.51 billion, exceeding analyst expectations and showing a year-over-year growth of 36.9%.
• Despite fluctuations in analyst ratings, DraftKings maintains a consensus rating of "Moderate Buy" with an average price target of $55.15 from 25 analysts.

Asio Capital LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 14.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,183 shares of the company's stock after purchasing an additional 9,099 shares during the quarter. Asio Capital LLC's holdings in DraftKings were worth $3,096,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in DKNG. Independence Bank of Kentucky lifted its holdings in shares of DraftKings by 4.3% during the 2nd quarter. Independence Bank of Kentucky now owns 27,679 shares of the company's stock worth $1,187,000 after acquiring an additional 1,151 shares during the period. Ipswich Investment Management Co. Inc. bought a new stake in shares of DraftKings during the second quarter valued at approximately $219,000. CX Institutional raised its position in shares of DraftKings by 13.0% during the second quarter. CX Institutional now owns 3,341 shares of the company's stock worth $143,000 after acquiring an additional 385 shares during the last quarter. TD Private Client Wealth LLC lifted its position in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock valued at $34,000 after purchasing an additional 282 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in DraftKings by 7.0% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 149,211 shares of the company's stock worth $6,400,000 after acquiring an additional 9,787 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Jefferies Financial Group set a $54.00 target price on DraftKings in a research note on Thursday, August 21st. Stifel Nicolaus decreased their price objective on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Benchmark raised their target price on shares of DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. JMP Securities dropped their price objective on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research note on Thursday, June 5th. Finally, JPMorgan Chase & Co. started coverage on shares of DraftKings in a research note on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price for the company. Twenty-five 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 company presently has a consensus rating of "Moderate Buy" and an average price target of $55.15.

DraftKings Stock Down 0.0%

DKNG opened at $42.31 on Tuesday. 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 $44.96 and its 200 day moving average is $39.88. The firm has a market capitalization of $21.01 billion, a P/E ratio of -65.09, a PEG ratio of 1.00 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.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.14. The company 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%.The firm's revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ryan R. Moore sold 76,390 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the completion of the sale, the director owned 402 shares of the company's stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction that occurred 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 in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 658,331 shares of company stock valued at $29,285,365. 47.08% of the stock is owned by insiders.

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.

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.