Banco Bilbao Vizcaya Argentaria S.A. increased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 80.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,718 shares of the company's stock after purchasing an additional 5,676 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in DraftKings were worth $437,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in DKNG. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of DraftKings by 15.2% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 16,559 shares of the company's stock worth $550,000 after purchasing an additional 2,186 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of DraftKings by 17.8% in the 1st quarter. Hsbc Holdings PLC now owns 325,315 shares of the company's stock valued at $11,035,000 after buying an additional 49,086 shares during the period. Colonial Trust Advisors grew its position in shares of DraftKings by 275.0% during the 1st quarter. Colonial Trust Advisors now owns 1,500 shares of the company's stock valued at $50,000 after buying an additional 1,100 shares during the last quarter. Brooklyn Investment Group raised its stake in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock worth $132,000 after acquiring an additional 270 shares during the period. Finally, Summit Securities Group LLC lifted its holdings in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company's stock worth $35,000 after acquiring an additional 810 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.
Insider Activity at DraftKings
In related news, insider R Stanton Dodge sold 105,554 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the sale, the insider owned 500,000 shares of the company's stock, valued at $22,300,000. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the chief financial officer owned 128,131 shares of the company's stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 690,631 shares of company stock valued at $28,830,492 over the last quarter. Corporate insiders own 51.19% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on DKNG. Stifel Nicolaus lowered their target price on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Benchmark upped their price objective on DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Macquarie dropped their target price on DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. Morgan Stanley reissued an "overweight" rating and set a $52.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Finally, Barclays restated an "overweight" rating and set a $54.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Twenty-five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.
Get Our Latest Stock Report on DraftKings
DraftKings Trading Up 2.4%
Shares of DKNG stock opened at $47.18 on Friday. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The firm has a market capitalization of $41.97 billion, a PE ratio of -72.58, a price-to-earnings-growth ratio of 1.12 and a beta of 1.70. The stock has a fifty day moving average of $43.26 and a two-hundred day moving average of $39.62. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34.
DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 5.63% and a negative return on equity of 30.06%. The company's revenue was up 36.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.
DraftKings Profile
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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.
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