DraftKings Inc. $DKNG Stake Lowered by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments Co. Ltd. has reduced its stake in DraftKings Inc. by 49.4% in Q2, now holding 26,591 shares valued at approximately $1.14 million.
• Insiders sold a total of 658,331 shares of DraftKings, amounting to nearly $29.3 million in value, indicating significant insider transactions.
• The company's stock has a market cap of $17.48 billion and has shown a revenue increase of 36.9% year-over-year, reporting $1.51 billion in revenue for the last quarter.

Mirae Asset Global Investments Co. Ltd. decreased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 49.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,591 shares of the company's stock after selling 25,968 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in DraftKings were worth $1,140,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of DKNG. FNY Investment Advisers LLC acquired a new stake in shares of DraftKings during the 1st quarter valued at about $26,000. TD Private Client Wealth LLC grew its position in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock worth $34,000 after acquiring an additional 282 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in shares of DraftKings during the 1st quarter worth $27,000. GPS Wealth Strategies Group LLC raised its holdings in shares of DraftKings by 197.9% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after purchasing an additional 564 shares in the last quarter. Finally, Bank of Jackson Hole Trust bought a new stake in DraftKings in the first quarter worth $31,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company's stock, valued at $179,760,995.70. The trade was a 4.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their position. 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. 51.19% of the stock is owned by company insiders.

DraftKings Price Performance

Shares of DKNG stock opened at $35.20 on Friday. The stock's fifty day simple moving average is $43.42 and its 200 day simple moving average is $39.65. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The firm has a market cap of $17.48 billion, a price-to-earnings ratio of -54.15, a P/E/G ratio of 0.72 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.30 EPS 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 for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the company earned $0.12 EPS. The firm's revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on DKNG. UBS Group reduced their price target on DraftKings from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Barclays reiterated an "overweight" rating and set a $54.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. BTIG Research reduced their price objective on shares of DraftKings from $53.00 to $45.00 and set a "buy" rating for the company in a research note on Thursday, October 2nd. Morgan Stanley reiterated an "overweight" rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Finally, Northland Securities restated an "under perform" rating and set a $33.00 price target (down from $53.00) on shares of DraftKings in a report on Wednesday, October 1st. Twenty-seven analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.28.

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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