Belpointe Asset Management LLC Takes $535,000 Position in DraftKings Inc. $DKNG

Key Points

• Belpointe Asset Management LLC acquired a new stake in DraftKings Inc., purchasing 12,467 shares valued at approximately $535,000 in Q2.
• A majority of analysts rate DraftKings with a consensus of "Moderate Buy," while price targets range from $33.00 to $56.00.
• DraftKings reported a 36.9% increase in year-over-year revenue for the last quarter, totaling $1.51 billion, and exceeded earnings estimates with $0.30 earnings per share.

Belpointe Asset Management LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,467 shares of the company's stock, valued at approximately $535,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DKNG. FNY Investment Advisers LLC purchased a new stake in DraftKings during the 1st quarter valued at $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings during the 1st quarter valued at $27,000. GPS Wealth Strategies Group LLC raised its holdings in DraftKings by 197.9% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after buying an additional 564 shares during the period. Bank of Jackson Hole Trust purchased a new stake in DraftKings during the 1st quarter valued at $31,000. Finally, TD Private Client Wealth LLC raised its holdings 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 buying an additional 282 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DKNG. Weiss Ratings restated a "sell (d-)" rating on shares of DraftKings in a report on Wednesday. Barclays restated an "overweight" rating and set a $54.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Benchmark decreased their price target on DraftKings from $53.00 to $43.00 and set a "buy" rating on the stock in a report on Thursday, October 2nd. UBS Group decreased their price target on DraftKings from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. Finally, Northland Securities restated an "under perform" rating and set a $33.00 price target (down previously from $53.00) on shares of DraftKings in a report on Wednesday, October 1st. Twenty-seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.28.

DraftKings Stock Performance

DKNG stock opened at $35.20 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The business's fifty day simple moving average is $43.42 and its two-hundred day simple moving average is $39.65. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The firm has a market cap of $17.48 billion, a price-to-earnings ratio of -54.15, a PEG ratio of 0.72 and a beta of 1.99.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping 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 business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm posted $0.12 earnings per share. The business's revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In other news, Director Jocelyn Moore sold 4,861 shares of the firm's 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 owned 1,461 shares in the company, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 105,554 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $22,300,000. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 658,331 shares of company stock valued at $29,285,365. 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.

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