Envestnet Portfolio Solutions Inc. Acquires 8,735 Shares of DraftKings Inc. $DKNG

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in DraftKings by 5.6% in Q2, purchasing an additional 8,735 shares for a total of 164,968 shares worth approximately $7.1 million.
• DraftKings' stock performance shows significant volatility, with a twelve-month low of $29.64 and a high of $53.61, currently trading around $34.36.
• Recent analyst actions include Oppenheimer lowering their price target from $60 to $55, with a consensus average target of $53 and a "Moderate Buy" rating for the stock.

Envestnet Portfolio Solutions Inc. raised its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 5.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 164,968 shares of the company's stock after purchasing an additional 8,735 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in DraftKings were worth $7,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. Yousif Capital Management LLC bought a new position in DraftKings in the 2nd quarter valued at $253,000. CWM LLC grew its stake in shares of DraftKings by 35.4% during the 2nd quarter. CWM LLC now owns 183,230 shares of the company's stock worth $7,859,000 after acquiring an additional 47,875 shares during the period. Udine Wealth Management Inc. grew its stake in shares of DraftKings by 38.3% during the 2nd quarter. Udine Wealth Management Inc. now owns 58,721 shares of the company's stock worth $2,519,000 after acquiring an additional 16,270 shares during the period. Concurrent Investment Advisors LLC grew its stake in shares of DraftKings by 5.9% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 23,452 shares of the company's stock worth $1,006,000 after acquiring an additional 1,312 shares during the period. Finally, waypoint wealth counsel bought a new position in shares of DraftKings during the 2nd quarter worth $333,000. Institutional investors own 37.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Oppenheimer cut their price target on DraftKings from $60.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, October 1st. Wall Street Zen downgraded DraftKings from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. JPMorgan Chase & Co. assumed coverage on DraftKings in a research note on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target for the company. Mizuho cut their target price on DraftKings from $58.00 to $54.00 and set an "outperform" rating for the company in a research note on Tuesday, October 7th. Finally, Jefferies Financial Group set a $52.00 target price on DraftKings in a research note on Monday, October 6th. Twenty-seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and an average target price of $53.00.

DraftKings Stock Performance

NASDAQ:DKNG opened at $34.36 on Wednesday. The business's 50-day moving average price is $42.76 and its two-hundred day moving average price is $39.59. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The stock has a market cap of $17.06 billion, a P/E ratio of -52.86, a PEG ratio of 0.72 and a beta of 1.99. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results 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 return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter last year, the firm posted $0.12 EPS. The company's revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm's stock in a transaction dated 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 sale, the chief financial officer owned 128,131 shares of the company's stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 658,331 shares of company stock worth $29,285,365. 47.08% of the stock is owned by insiders.

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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