DraftKings Inc. $DKNG Stake Boosted by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its stake in DraftKings Inc. by 0.8% in the second quarter, now owning approximately 3.24 million shares valued at $138.93 million.
• Insider transactions included R Stanton Dodge selling 105,554 shares for about $4.71 million and Matthew Kalish selling 210,000 shares for around $9 million, indicating substantial insider trading activity.
• Analysts provide mixed ratings for DraftKings with targets ranging from $33.00 to $54.00, with the stock having an average price target of $53.89.

DAVENPORT & Co LLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,239,223 shares of the company's stock after acquiring an additional 26,849 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.36% of DraftKings worth $138,930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC increased its position in DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after purchasing an additional 4,486,488 shares during the last quarter. Eminence Capital LP grew its stake in shares of DraftKings by 195.2% in the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock valued at $171,964,000 after buying an additional 3,423,909 shares in the last quarter. Nuveen LLC acquired a new position in DraftKings in the first quarter worth approximately $107,739,000. AGF Management Ltd. bought a new position in DraftKings during the first quarter valued at approximately $83,622,000. Finally, Baillie Gifford & Co. lifted its stake in DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 500,000 shares in the company, valued at $22,300,000. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 transaction of $9,009,000.00. Following the completion of the sale, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 658,331 shares of company stock worth $29,285,365 in the last 90 days. 47.08% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on DKNG. JMP Securities dropped their price target on shares of DraftKings from $54.00 to $51.00 and set a "market outperform" rating on the stock in a research note on Wednesday. Northland Capmk cut shares of DraftKings from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, October 1st. JPMorgan Chase & Co. initiated coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price on the stock. Barclays reaffirmed an "overweight" rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Finally, Northland Securities reissued an "under perform" rating and set a $33.00 price objective (down previously from $53.00) on shares of DraftKings in a report on Wednesday, October 1st. Twenty-six research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $53.89.

DraftKings Trading Up 1.4%

Shares of DKNG stock opened at $35.37 on Monday. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The stock has a market cap of $17.56 billion, a price-to-earnings ratio of -54.42, a P/E/G ratio of 0.93 and a beta of 1.99. 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 firm has a fifty day moving average of $44.25 and a 200-day moving average of $39.81.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results 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 business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter in the previous year, the firm posted $0.12 earnings per share. 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, equities research 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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