Comerica Bank Has $8.32 Million Stock Position in DraftKings Inc. $DKNG

Key Points

• Comerica Bank increased its holdings in DraftKings Inc. by 35.4%, owning a total of 250,596 shares valued at approximately $8.32 million.
• The stock has garnered multiple "buy" ratings from analysts, with a consensus target price of $54.50 and many institutions increasing their stakes in the company.
• DraftKings reported a 36.9% increase in revenue year-over-year for its last quarter, surpassing analysts' expectations with $1.51 billion in revenue and an EPS of $0.30.

Comerica Bank increased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 35.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,596 shares of the company's stock after purchasing an additional 65,452 shares during the quarter. Comerica Bank's holdings in DraftKings were worth $8,322,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in DKNG. Brown Advisory Inc. increased its position in DraftKings by 14.6% in the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock worth $252,000 after buying an additional 968 shares during the period. IFM Investors Pty Ltd increased its position in DraftKings by 9.3% in the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock worth $2,781,000 after buying an additional 7,147 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in DraftKings in the first quarter worth $515,000. Allspring Global Investments Holdings LLC increased its position in DraftKings by 18.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock worth $90,558,000 after buying an additional 434,525 shares during the period. Finally, Kentucky Retirement Systems acquired a new stake in DraftKings in the first quarter worth $1,026,000. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG traded down $0.25 during trading hours on Monday, reaching $47.98. 4,825,595 shares of the company's stock traded hands, compared to its average volume of 9,235,594. The business's fifty day simple moving average is $44.12 and its two-hundred day simple moving average is $39.73. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The firm has a market capitalization of $42.68 billion, a price-to-earnings ratio of -73.82, a P/E/G ratio of 1.14 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 earnings results 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 business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter last year, the business posted $0.12 earnings per share. The company's quarterly revenue was up 36.9% on a year-over-year basis. 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 Buying and Selling at DraftKings

In related news, Director Ryan R. Moore sold 76,390 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the transaction, the director owned 402 shares of the company's stock, valued at $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company's stock, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 711,108 shares of company stock valued at $30,460,181. Corporate insiders own 51.19% of the company's stock.

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. Bank of America dropped their target price on DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Susquehanna reaffirmed a "positive" rating and issued a $64.00 target price on shares of DraftKings in a research report on Friday, August 8th. Sanford C. Bernstein initiated coverage on DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price on the stock. Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. initiated coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price on the stock. Twenty-five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, DraftKings has an average rating of "Moderate Buy" and an average price target of $54.50.

DraftKings 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.