Engineers Gate Manager LP Has $3.21 Million Stake in DraftKings Inc. $DKNG

Key Points

• Engineers Gate Manager LP cut its DraftKings stake by 67.3% in the second quarter, selling 261,353 shares and retaining 127,016 shares valued at approximately $3.21 million.
• Institutional ownership remains significant at 37.7%, with several major investors—including California State Teachers Retirement System, Capital World Investors, Janus Henderson, and Norges Bank—substantially increasing or initiating positions.
• Analysts maintain a generally positive outlook, with DraftKings receiving a consensus “Moderate Buy” rating and a $34.39 price target. The company beat quarterly EPS estimates but reported revenue below expectations and a 4.6% year-over-year decline.

Engineers Gate Manager LP trimmed its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 67.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 127,016 shares of the company's stock after selling 261,353 shares during the quarter. Engineers Gate Manager LP's holdings in DraftKings were worth $3,208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Viking Global Investors LP acquired a new position in shares of DraftKings in the third quarter worth $561,125,000. California State Teachers Retirement System raised its holdings in shares of DraftKings by 1,727.3% during the second quarter. California State Teachers Retirement System now owns 12,924,304 shares of the company's stock worth $326,468,000 after acquiring an additional 12,217,029 shares in the last quarter. Capital World Investors boosted its position in DraftKings by 181.4% during the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company's stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC boosted its position in DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company's stock valued at $858,893,000 after purchasing an additional 8,524,923 shares during the last quarter. Finally, Norges Bank purchased a new position in DraftKings in the fourth quarter valued at about $284,466,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 10,759 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $24.05, for a total transaction of $258,753.95. Following the completion of the sale, the director directly owned 1,881 shares in the company, valued at $45,238.05. This represents a 85.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on DKNG shares. Barclays dropped their target price on DraftKings from $35.00 to $34.00 and set an "overweight" rating on the stock in a research report on Monday, August 10th. Wall Street Zen lowered DraftKings from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Deutsche Bank Aktiengesellschaft boosted their price target on DraftKings from $26.00 to $28.00 and gave the company a "hold" rating in a research note on Thursday, July 9th. Citizens Jmp increased their price objective on DraftKings from $36.00 to $37.00 and gave the stock a "market outperform" rating in a report on Tuesday, September 8th. Finally, Susquehanna cut their price objective on shares of DraftKings from $32.00 to $31.00 and set a "positive" rating on the stock in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.39.

DraftKings Price Performance

Shares of DraftKings stock opened at $24.74 on Monday. The stock has a market capitalization of $12.28 billion, a P/E ratio of -65.11, a PEG ratio of 2.02 and a beta of 1.63. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22. The stock has a 50 day moving average price of $24.62 and a two-hundred day moving average price of $24.56. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $45.44.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The business had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.51 billion. During the same period in the previous year, the company earned $0.30 earnings per share. DraftKings's revenue for the quarter was down 4.6% on a year-over-year basis. Equities analysts expect that DraftKings Inc. will post 0.49 earnings per share for the current year.

About DraftKings

DraftKings Inc is a digital sports entertainment and gaming company that operates online sports betting, iGaming and daily fantasy sports platforms. Its products enable customers to place bets on professional and collegiate sports, play online casino games where permitted, and participate in fantasy contests across a range of sports.

The company also offers related services, including retail sportsbooks in select jurisdictions and sports media content through DraftKings Network. Its offerings are available in U.S.

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