22,278 Shares in DraftKings Inc. $DKNG Bought by Focus Partners Advisor Solutions LLC

Key Points

• Focus Partners Advisor Solutions LLC acquired 22,278 shares of DraftKings Inc., valued at approximately $740,000, in the first quarter of the year.
• DraftKings recently reported a revenue of $1.51 billion for the quarter, exceeding estimates and reflecting a 36.9% year-over-year growth.
• Analysts have varied opinions on DraftKings, with price targets ranging from $47.00 to $60.00, and a consensus rating of "Moderate Buy".

Focus Partners Advisor Solutions LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 22,278 shares of the company's stock, valued at approximately $740,000.

A number of other large investors also recently bought and sold shares of DKNG. T. Rowe Price Investment Management Inc. increased its stake in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock worth $621,030,000 after purchasing an additional 130,434 shares during the period. Janus Henderson Group PLC increased its stake in DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of DraftKings by 4.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock valued at $235,746,000 after acquiring an additional 301,134 shares during the period. Finally, Whale Rock Capital Management LLC lifted its holdings in shares of DraftKings by 9.2% during the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after purchasing an additional 416,881 shares during the period. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Buying and Selling

In other DraftKings 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 value of $210,043.81. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the completion of the transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 816,662 shares of company stock worth $35,460,274 over the last 90 days. 47.08% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on DKNG shares. Barclays reaffirmed an "overweight" rating and set a $54.00 price target (up from $51.00) on shares of DraftKings in a report on Friday, August 8th. Stifel Nicolaus dropped their target price on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Sanford C. Bernstein began coverage on shares of DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 target price for the company. Citigroup restated a "buy" rating on shares of DraftKings in a report on Friday, July 11th. Finally, Benchmark raised their target price on shares of DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $54.37.

DraftKings Trading Down 1.8%

Shares of NASDAQ DKNG traded down $0.84 during midday trading on Friday, hitting $46.56. The stock had a trading volume of 8,402,464 shares, compared to its average volume of 7,240,689. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. 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 fifty day moving average price of $44.63 and a 200 day moving average price of $39.65.

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