DraftKings Inc. $DKNG Shares Sold by Robbins Farley

Key Points

• Robbins Farley significantly reduced its holdings in DraftKings by 94.6% during the second quarter, now owning just 2,496 shares valued at approximately $107,000.
• Insider Matt Kalish sold 210,000 shares for over $9 million, resulting in a 4.77% decrease in his ownership, while 658,331 shares were sold by insiders in the last 90 days.
• DraftKings reported a strong quarter with $1.51 billion in revenue, beating estimates, and set a target EPS of 0.64 for the current fiscal year.

Robbins Farley lessened its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 94.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,496 shares of the company's stock after selling 43,920 shares during the period. Robbins Farley's holdings in DraftKings were worth $107,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Brown Advisory Inc. increased its holdings in shares of DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock worth $252,000 after acquiring an additional 968 shares during the period. IFM Investors Pty Ltd grew its position in DraftKings by 9.3% in the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock valued at $2,781,000 after buying an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC bought a new position in DraftKings in the 1st quarter valued at about $515,000. Allspring Global Investments Holdings LLC grew its position in DraftKings by 18.9% in 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 buying 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 about $1,026,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Buying and Selling

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction dated 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 directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 4,861 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares of the company's stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 658,331 shares of company stock valued at $29,285,365. Company insiders own 47.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on DKNG shares. Sanford C. Bernstein started coverage on shares of DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price for the company. Jefferies Financial Group set a $54.00 target price on shares of DraftKings in a research report on Thursday, August 21st. Truist Financial increased their target price 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. Finally, UBS Group decreased their target price on shares of DraftKings from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Twenty-five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus target price of $55.15.

DraftKings Stock Performance

NASDAQ:DKNG opened at $42.31 on Tuesday. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. 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 company has a 50-day moving average of $44.96 and a 200-day moving average of $39.88. The firm has a market cap of $21.01 billion, a price-to-earnings ratio of -65.09, a price-to-earnings-growth ratio of 1.00 and a beta of 1.73.

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 the consensus estimate 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 analyst estimates of $1.39 billion. During the same quarter last year, the firm posted $0.12 EPS. The business's revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

About DraftKings

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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