Fjarde AP Fonden Fourth Swedish National Pension Fund Has $3.06 Million Stock Holdings in DraftKings Inc. $DKNG

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in DraftKings Inc. by 7.4%, owning 92,100 shares valued at approximately $3.059 million after selling 7,400 shares in the first quarter.
• Several institutional investors increased their positions in DraftKings, with Janus Henderson Group PLC showing a notable rise of 31,346.8% in its holdings, amassing over 9.3 million shares.
• DraftKings recently reported a quarterly earnings per share of $0.30, surpassing forecasts, and its revenue increased by 36.9% year-over-year, leading to an average analyst rating of "Moderate Buy" with a price target of $54.50.

Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 92,100 shares of the company's stock after selling 7,400 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in DraftKings were worth $3,059,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in shares of DraftKings in the 4th quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of DraftKings in the 4th quarter valued at approximately $28,000. FNY Investment Advisers LLC acquired a new stake in shares of DraftKings in the first quarter worth $26,000. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings during the 1st quarter valued at approximately $27,000. Finally, GPS Wealth Strategies Group LLC lifted its holdings in shares of DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 564 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on DKNG shares. Susquehanna reaffirmed a "positive" rating and set a $64.00 price objective on shares of DraftKings in a research report on Friday, August 8th. JPMorgan Chase & Co. started coverage on DraftKings in a research note on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. TD Securities reduced their price objective on DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Benchmark lifted their price objective on DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Truist Financial upped their target price on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Twenty-five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total value of $4,707,708.40. Following the transaction, the insider owned 500,000 shares of the company's stock, valued at $22,300,000. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $210,043.81. Following the sale, the director directly owned 1,461 shares of the company's stock, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 645,938 shares of company stock valued at $26,823,776. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG traded up $0.3820 during mid-day trading on Thursday, hitting $46.0320. 4,782,870 shares of the stock were exchanged, compared to its average volume of 10,345,562. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The stock's fifty day simple moving average is $42.89 and its two-hundred day simple moving average is $39.57. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $40.94 billion, a P/E ratio of -70.80, a PEG ratio of 1.07 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm's revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings Company 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.