DraftKings Inc. $DKNG Shares Acquired by Zevenbergen Capital Investments LLC

Key Points

• Zevenbergen Capital Investments LLC increased its stake in DraftKings Inc. by 12.2%, owning 214,490 shares worth approximately $9.2 million as of the latest SEC filing.
• Twenty-four investment analysts have given DraftKings a consensus rating of "Moderate Buy" and set an average price target of $55.12 per share.
• Insiders at DraftKings have recently sold a total of 816,662 shares valued at over $35 million in the past ninety days, indicating significant insider trading activity.

Zevenbergen Capital Investments LLC lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 12.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 214,490 shares of the company's stock after buying an additional 23,400 shares during the period. Zevenbergen Capital Investments LLC's holdings in DraftKings were worth $9,199,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings during the 4th quarter worth $25,000. FNY Investment Advisers LLC purchased a new stake in DraftKings during the 1st quarter worth $26,000. Smallwood Wealth Investment Management LLC purchased a new stake in DraftKings during the 1st quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in DraftKings during the 4th quarter worth $28,000. Finally, GPS Wealth Strategies Group LLC boosted its position in DraftKings by 197.9% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after purchasing an additional 564 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of research reports. Sanford C. Bernstein initiated coverage on shares of DraftKings in a research report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. Barclays reaffirmed an "overweight" rating and set a $54.00 price target (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the stock a "hold" rating in a research report on Friday, August 8th. Finally, JMP Securities decreased their price target on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Twenty-four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $55.12.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction dated Wednesday, August 13th. The shares were 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 of the company's stock, 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 document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 158,331 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider directly owned 504,381 shares in the company, valued at $19,670,859. The trade was a 23.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 816,662 shares of company stock valued at $35,460,274. Corporate insiders own 51.19% of the company's stock.

DraftKings Stock Performance

NASDAQ:DKNG opened at $43.98 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a 50-day moving average of $45.03 and a two-hundred day moving average of $39.66. The stock has a market cap of $21.83 billion, a P/E ratio of -67.66, a PEG ratio of 1.09 and a beta of 1.73. 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 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. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same period in the prior year, the company posted $0.12 EPS. The firm's revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Company 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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