CW Advisors LLC Has $727,000 Holdings in DraftKings Inc. $DKNG

Key Points

• CW Advisors LLC increased its investment in DraftKings Inc. by 47.1% during the first quarter, bringing its total holdings to $727,000 after purchasing an additional 6,892 shares.
• Several institutional investors, including Brown Advisory Inc. and IFM Investors Pty Ltd, have raised their stakes in DraftKings, contributing to a total of 37.70% of the stock owned by institutional investors.
• DraftKings reported a 36.9% year-over-year increase in revenue, achieving $1.51 billion for the latest quarter and exceeding earnings estimates.

CW Advisors LLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 47.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,522 shares of the company's stock after buying an additional 6,892 shares during the period. CW Advisors LLC's holdings in DraftKings were worth $727,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brown Advisory Inc. increased its holdings in DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock valued at $252,000 after purchasing an additional 968 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in DraftKings by 9.3% during the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock valued at $2,781,000 after purchasing an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new stake in DraftKings during the 1st quarter valued at $515,000. Allspring Global Investments Holdings LLC increased its holdings in DraftKings by 18.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock valued at $90,558,000 after purchasing an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems bought a new position in DraftKings in the 1st quarter valued at $1,026,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of DraftKings 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 transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the transaction, the chief financial officer owned 128,131 shares in the company, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 767,021 shares of company stock valued at $32,338,320. Company insiders own 47.08% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Wall Street Zen upgraded DraftKings from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Macquarie decreased their price objective on DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. Benchmark increased their price objective on DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Twenty-five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

DraftKings Stock Performance

DKNG stock opened at $47.71 on Wednesday. The business's 50-day moving average price is $43.63 and its two-hundred day moving average price is $39.69. 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 firm has a market cap of $42.44 billion, a PE ratio of -73.40, a P/E/G ratio of 1.11 and a beta of 1.70. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The company's revenue for the quarter was up 36.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 earnings per share. 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 year.

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.

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