DraftKings Inc. $DKNG Shares Bought by Algert Global LLC

Key Points

• Algert Global LLC increased its holdings in DraftKings Inc. by 331.4% during the first quarter, owning 46,582 shares worth approximately $1.55 million at the end of the reporting period.
• DraftKings reported a quarterly earnings per share (EPS) of $0.30, exceeding analysts' expectations, with revenue reaching $1.51 billion, a 36.9% increase year-over-year.
• Insider trading saw significant activity, with key executives selling over 690,631 shares valued at approximately $28.83 million in recent months, indicating a 17.43% decrease in ownership for one insider.

Algert Global LLC lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 331.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,582 shares of the company's stock after purchasing an additional 35,784 shares during the period. Algert Global LLC's holdings in DraftKings were worth $1,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Beacon Pointe Advisors LLC increased its stake in shares of DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after purchasing an additional 203 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock valued at $2,946,000 after acquiring an additional 217 shares in the last quarter. Snowden Capital Advisors LLC grew its stake in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after acquiring an additional 296 shares in the last quarter. Obermeyer Wealth Partners grew its stake in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after acquiring an additional 297 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Trading Down 0.0%

NASDAQ DKNG traded down $0.01 during trading on Wednesday, hitting $47.70. The stock had a trading volume of 3,280,126 shares, compared to its average volume of 10,235,663. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market capitalization of $42.43 billion, a price-to-earnings ratio of -73.39, a P/E/G ratio of 1.11 and a beta of 1.70. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The stock has a 50 day simple moving average of $43.63 and a 200 day simple moving average of $39.69.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm's revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter last year, the business posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the transaction, the insider owned 504,381 shares of the company's stock, valued at approximately $19,670,859. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 767,021 shares of company stock worth $32,338,320. 47.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on DKNG shares. Morgan Stanley reaffirmed an "overweight" rating and set a $52.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Benchmark increased their price objective on shares of DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. initiated coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and set a $65.00 price objective on shares of DraftKings in a research report on Friday, May 9th. Finally, Truist Financial increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Twenty-five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.