Cresset Asset Management LLC Has $19.18 Million Stock Position in DraftKings Inc. $DKNG

Key Points

• Cresset Asset Management LLC reduced its holdings in DraftKings by 48.2%, owning 577,522 shares valued at approximately $19.18 million after selling over 536,000 shares.
• DraftKings reported a strong quarterly performance with earnings per share (EPS) of $0.30, surpassing analysts' expectations, as well as revenue growth of 36.9% year-over-year.
• Institutional investors hold 37.70% of DraftKings' stock, indicating significant interest from larger financial entities amid market fluctuations.

Cresset Asset Management LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 48.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 577,522 shares of the company's stock after selling 536,953 shares during the period. Cresset Asset Management LLC owned about 0.07% of DraftKings worth $19,179,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Brown Advisory Inc. grew its stake in DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock valued at $252,000 after acquiring an additional 968 shares in the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock worth $2,781,000 after purchasing an additional 7,147 shares during the period. Capital Investment Advisory Services LLC acquired a new position in DraftKings in the 1st quarter valued at approximately $515,000. Allspring Global Investments Holdings LLC lifted 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 worth $90,558,000 after buying an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems acquired a new stake in shares of DraftKings during the 1st quarter valued at $1,026,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research reports. Benchmark upped their price target on shares of DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Sanford C. Bernstein started coverage on DraftKings in a research note on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. Guggenheim reduced their price target on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. Morgan Stanley restated an "overweight" rating and issued a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Finally, Bank of America cut their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Twenty-five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.50.

DraftKings Stock Performance

DraftKings stock traded up $0.63 during trading hours on Wednesday, reaching $45.65. 6,751,114 shares of the company were exchanged, compared to its average volume of 10,382,736. DraftKings Inc. has a 12 month low of $29.64 and a 12 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 stock has a 50-day moving average of $42.73 and a 200 day moving average of $39.52. The firm has a market cap of $40.60 billion, a price-to-earnings ratio of -70.23, a PEG ratio of 1.08 and a beta of 1.70.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm posted $0.12 earnings per share. 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. As a group, research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In other news, Director Jocelyn Moore sold 4,861 shares of the company's stock in a transaction that occurred on 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 directly owned 1,461 shares in the company, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 158,331 shares of the company's stock in a transaction on 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. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 645,938 shares of company stock worth $26,823,776 in the last 90 days. Insiders own 47.08% of the company's stock.

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.