Coronation Fund Managers Ltd. acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 12,040 shares of the company's stock, valued at approximately $516,000.
Several other large investors have also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. increased its holdings in DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock valued at $621,030,000 after purchasing an additional 130,434 shares during the period. Baillie Gifford & Co. increased its holdings in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after purchasing an additional 1,756,778 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in DraftKings by 4.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock valued at $235,746,000 after purchasing an additional 301,134 shares during the period. Eminence Capital LP increased its holdings in DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock valued at $171,964,000 after purchasing an additional 3,423,909 shares during the period. Finally, AQR Capital Management LLC boosted its position in DraftKings by 2,138.9% during the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock valued at $155,962,000 after acquiring an additional 4,486,488 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on DKNG shares. Stifel Nicolaus reduced their target price on DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Truist Financial upped their target price on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Northland Securities set a $30.00 target price on DraftKings in a report on Monday, October 13th. JMP Securities reduced their target price on DraftKings from $54.00 to $51.00 and set a "market outperform" rating on the stock in a report on Wednesday, October 1st. Finally, Jefferies Financial Group set a $52.00 target price on DraftKings in a report on Monday, October 6th. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $53.00.
Check Out Our Latest Research Report on DraftKings
DraftKings Stock Performance
DKNG stock opened at $33.60 on Tuesday. The stock has a market capitalization of $16.68 billion, a PE ratio of -51.69, a price-to-earnings-growth ratio of 0.85 and a beta of 1.99. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The stock's 50 day simple moving average is $42.00 and its 200 day simple moving average is $39.69.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 36.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Matthew Kalish sold 210,000 shares of the company'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 value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company's stock, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the 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 directly owned 500,000 shares in the company, valued at $22,300,000. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 552,777 shares of company stock worth $24,690,599 in the last three months. Corporate insiders own 47.08% of the company's stock.
About DraftKings
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Free Report)
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.
See Also
Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG - Free Report).
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