First Dallas Securities Inc. Buys 16,245 Shares of DraftKings Inc. $DKNG

Key Points

• First Dallas Securities Inc. increased its stake in DraftKings Inc. by 21.1%, purchasing an additional 16,245 shares, bringing its total holdings to 93,061 shares, valued at approximately $3.09 million.
• Insider Matthew Kalish sold 210,000 shares of DraftKings stock for almost $9 million, representing a 4.77% decrease in his ownership, while CFO Alan Wayne Ellingson also sold 44,693 shares.
• DraftKings recently reported $1.51 billion in quarterly revenue, exceeding estimates, and set a guidance for earnings per share of 0.64 for the current year.

First Dallas Securities Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 93,061 shares of the company's stock after acquiring an additional 16,245 shares during the period. DraftKings makes up about 1.3% of First Dallas Securities Inc.'s investment portfolio, making the stock its 21st biggest position. First Dallas Securities Inc.'s holdings in DraftKings were worth $3,091,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its holdings in shares of DraftKings by 31,346.8% during the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after acquiring an additional 9,352,019 shares during the period. AQR Capital Management LLC raised its position in shares of DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after acquiring an additional 4,486,488 shares during the last quarter. Eminence Capital LP raised its stake in shares of DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after buying an additional 3,423,909 shares during the last quarter. Nuveen LLC bought a new stake in DraftKings in the first quarter valued at about $107,739,000. Finally, AGF Management Ltd. bought a new stake in shares of DraftKings in the 1st quarter valued at about $83,622,000. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on DKNG shares. Truist Financial increased their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Susquehanna reaffirmed a "positive" rating and issued a $64.00 target price on shares of DraftKings in a research report on Friday, August 8th. Barclays reissued an "overweight" rating and issued a $54.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Jefferies Financial Group set a $54.00 target price on DraftKings in a research note on Thursday, August 21st. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the stock a "hold" rating in a research note on Friday, August 8th. Twenty-four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $55.12.

Insider Buying and Selling at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were 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 trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction 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 sale, the director directly owned 1,461 shares of the company's stock, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 816,662 shares of company stock worth $35,460,274 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

Shares of DKNG stock traded down $1.88 during trading on Friday, hitting $43.99. The company had a trading volume of 12,821,051 shares, compared to its average volume of 10,076,191. The stock's 50-day moving average price is $44.97 and its 200 day moving average price is $39.68. The firm has a market capitalization of $21.84 billion, a P/E ratio of -67.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.73. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm's revenue was up 36.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.