25,722 Shares in DraftKings Inc. $DKNG Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd acquired 25,722 shares of DraftKings Inc. valued at approximately $854,000 in the first quarter.
• Analysts have set a consensus target price of $54.37 for DraftKings, with ratings including a majority "Buy" stance.
• Insider trading activity shows significant sales, with CFO Alan Wayne Ellingson selling 44,693 shares worth over $2 million in August.

Bayforest Capital Ltd acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 25,722 shares of the company's stock, valued at approximately $854,000.

A number of other institutional investors also recently modified their holdings of the company. SCS Capital Management LLC bought a new position in DraftKings during the first quarter worth $309,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in DraftKings by 4.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,530,232 shares of the company's stock worth $50,819,000 after acquiring an additional 66,308 shares in the last quarter. Empowered Funds LLC boosted its stake in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock worth $303,000 after acquiring an additional 1,391 shares in the last quarter. Great Lakes Advisors LLC bought a new position in DraftKings during the first quarter worth $1,752,000. Finally, Voleon Capital Management LP bought a new position in DraftKings during the first quarter worth $1,033,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Citigroup reissued a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research note on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price on the stock. Morgan Stanley reissued an "overweight" rating and set a $52.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Jefferies Financial Group set a $54.00 price objective on shares of DraftKings in a report on Thursday, August 21st. Finally, JMP Securities lowered their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a report on Thursday, June 5th. Twenty-four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $55.12.

Insiders Place Their Bets

In related news, insider R Stanton Dodge sold 105,554 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the transaction, the insider directly owned 512,181 shares of the company's stock, valued at approximately $24,262,013.97. This trade represents a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm's 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 completion of the transaction, the insider directly owned 4,190,233 shares of the company's stock, valued at approximately $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 816,662 shares of company stock worth $35,460,274 in the last ninety days. 51.19% of the stock is owned by corporate insiders.

DraftKings Stock Down 4.1%

Shares of DKNG stock traded down $1.89 on Friday, hitting $43.98. The stock had a trading volume of 14,178,578 shares, compared to its average volume of 10,092,834. The business has a 50 day moving average of $44.97 and a 200 day moving average of $39.68. The stock has a market cap of $21.83 billion, a price-to-earnings ratio of -67.66, 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. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm's revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

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.