DraftKings Inc. $DKNG is Bwcp LP's 7th Largest Position

Key Points

• Bwcp LP increased its stake in DraftKings Inc. by 51.3% in Q1, owning 745,656 shares, which makes it the 7th largest holding for the institutional investor.
• DraftKings reported a record revenue of $1.51 billion for the most recent quarter, exceeding analysts' expectations, with an earnings per share of $0.30.
• Insider transactions showed significant sales, with insiders selling a total of 711,108 shares worth approximately $30.46 million over the past three months.

Bwcp LP boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 51.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 745,656 shares of the company's stock after buying an additional 252,733 shares during the period. DraftKings accounts for about 5.0% of Bwcp LP's portfolio, making the stock its 7th largest holding. Bwcp LP owned 0.08% of DraftKings worth $24,763,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its position in DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock worth $621,030,000 after acquiring an additional 130,434 shares during the period. Janus Henderson Group PLC raised its stake in DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after buying an additional 1,756,778 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of DraftKings by 4.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock worth $235,746,000 after buying an additional 301,134 shares during the last quarter. Finally, Whale Rock Capital Management LLC grew its holdings in shares of DraftKings by 9.2% during the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after buying an additional 416,881 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

DraftKings Price Performance

Shares of NASDAQ:DKNG traded down $0.84 during trading on Friday, hitting $46.56. 8,402,464 shares of the stock were exchanged, compared to its average volume of 7,660,442. The company has a fifty day moving average price of $44.63 and a two-hundred day moving average price of $39.65. The company has a market cap of $41.41 billion, a PE ratio of -71.63, a P/E/G ratio of 1.10 and a beta of 1.73. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the previous year, the firm posted $0.12 EPS. The company's quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. On average, analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Analysts Set New Price Targets

DKNG has been the topic of a number of research reports. JPMorgan Chase & Co. assumed coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. Barclays reaffirmed an "overweight" rating and issued a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a report on Friday, July 11th. Finally, Guggenheim lowered their price objective on DraftKings from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Twenty-four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $54.37.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 158,331 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the transaction, the insider directly owned 504,381 shares in the company, valued at approximately $19,670,859. The trade was a 23.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the transaction, the insider owned 4,190,233 shares of the company's stock, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 816,662 shares of company stock worth $35,460,274. 51.19% of the stock is owned by corporate insiders.

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.