Fox Run Management L.L.C. Invests $2.49 Million in DraftKings Inc. $DKNG

Key Points

• Fox Run Management L.L.C. has acquired a new stake in DraftKings Inc., purchasing 74,835 shares valued at $2,485,000, which makes it the 14th largest position in their portfolio.
• Several institutional investors have increased their positions in DraftKings, resulting in a total of 37.70% of the stock currently being owned by institutional investors.
• DraftKings reported a positive quarterly earnings, with $1.51 billion in revenue, surpassing expectations and a year-over-year growth of 36.9%.

Fox Run Management L.L.C. bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 74,835 shares of the company's stock, valued at approximately $2,485,000. DraftKings makes up about 0.4% of Fox Run Management L.L.C.'s portfolio, making the stock its 14th biggest position.

Other institutional investors have also recently bought and sold shares of the company. Mariner LLC grew its holdings in shares of DraftKings by 23.6% during the fourth quarter. Mariner LLC now owns 241,269 shares of the company's stock worth $8,975,000 after purchasing an additional 46,044 shares during the last quarter. Guggenheim Capital LLC grew its holdings in DraftKings by 11.3% during the 4th quarter. Guggenheim Capital LLC now owns 13,459 shares of the company's stock worth $501,000 after acquiring an additional 1,364 shares during the last quarter. NewEdge Advisors LLC grew its holdings in DraftKings by 100.3% during the 4th quarter. NewEdge Advisors LLC now owns 53,211 shares of the company's stock worth $1,979,000 after acquiring an additional 26,639 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in DraftKings by 21.4% during the 4th quarter. Canada Pension Plan Investment Board now owns 743,587 shares of the company's stock worth $27,661,000 after acquiring an additional 130,922 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in DraftKings by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,105,643 shares of the company's stock worth $41,129,000 after acquiring an additional 64,088 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of research reports. Wall Street Zen raised shares of DraftKings from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC reissued a "buy" rating and set a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. Macquarie reduced their target price on shares of DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Bank of America reduced their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Northland Securities set a $50.00 target price on DraftKings in a report on Friday, April 25th. Twenty-five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $54.50.

Insiders Place Their Bets

In other DraftKings news, CFO Alan Wayne Ellingson sold 5,725 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $43.53, for a total transaction of $249,209.25. Following the transaction, the chief financial officer directly owned 172,824 shares in the company, valued at approximately $7,523,028.72. This represents a 3.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 645,938 shares of company stock valued at $26,823,776 over the last 90 days. 47.08% of the stock is currently owned by corporate insiders.

DraftKings Trading Down 0.5%

DKNG stock traded down $0.2130 during trading on Tuesday, hitting $45.4870. The company had a trading volume of 4,867,442 shares, compared to its average volume of 10,366,092. The stock has a market cap of $40.46 billion, a PE ratio of -69.77, a PEG ratio of 1.07 and a beta of 1.70. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The business has a 50-day moving average of $42.58 and a 200-day moving average of $39.49. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The firm had revenue of $1.51 billion for 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 company's revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. 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.