Baird Financial Group Inc. Has $46.91 Million Stock Holdings in DraftKings Inc. $DKNG

Key Points

• Baird Financial Group Inc. significantly increased its holdings in DraftKings Inc. by 12,299.6% during the first quarter, owning 1,412,561 shares valued at approximately $46.9 million.
• DraftKings reported a 36.9% increase in quarterly revenue year-over-year, totaling $1.51 billion, and beat analysts' earnings estimates with $0.30 earnings per share.
• Institutional investors hold 37.70% of DraftKings' stock, while equity analysts have a consensus rating of "Moderate Buy" with an average price target of $54.50.

Baird Financial Group Inc. raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12,299.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,412,561 shares of the company's stock after buying an additional 1,401,169 shares during the period. Baird Financial Group Inc. owned 0.16% of DraftKings worth $46,911,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Panagora Asset Management Inc. increased its stake in shares of DraftKings by 6.1% in the first quarter. Panagora Asset Management Inc. now owns 293,767 shares of the company's stock worth $9,756,000 after purchasing an additional 16,853 shares during the period. Kodai Capital Management LP increased its stake in shares of DraftKings by 639.7% in the first quarter. Kodai Capital Management LP now owns 823,112 shares of the company's stock worth $27,336,000 after purchasing an additional 711,841 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of DraftKings by 32.5% in the first quarter. Canada Pension Plan Investment Board now owns 985,292 shares of the company's stock worth $32,722,000 after purchasing an additional 241,705 shares during the period. WPG Advisers LLC bought a new position in shares of DraftKings in the first quarter worth about $54,000. Finally, State of Wyoming bought a new position in shares of DraftKings in the first quarter worth about $420,000. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DKNG shares. JPMorgan Chase & Co. started coverage on DraftKings in a research note on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price objective on the stock. Benchmark lifted their price objective on DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Susquehanna restated a "positive" rating and set a $64.00 price target on shares of DraftKings in a research note on Friday, August 8th. Sanford C. Bernstein assumed coverage on DraftKings in a research note on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target on the stock. Finally, Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a research note on Saturday. Twenty-five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.50.

Insider Buying and Selling

In related news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the sale, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director owned 402 shares in the company, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 711,108 shares of company stock worth $30,460,181. Insiders own 47.08% of the company's stock.

DraftKings Trading Down 0.5%

Shares of DKNG stock traded down $0.23 during trading hours on Wednesday, hitting $47.68. The company had a trading volume of 5,698,455 shares, compared to its average volume of 8,880,510. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The firm's fifty day moving average is $44.35 and its 200 day moving average is $39.74. 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 (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the company posted $0.12 EPS. The company's revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current 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.