Game Plan Financial Advisors LLC Acquires 17,299 Shares of DraftKings Inc. $DKNG

Key Points

• Game Plan Financial Advisors LLC increased its stake in DraftKings Inc. by 36.8% in Q2, owning a total of 64,254 shares worth approximately $2.76 million.
• DraftKings reported a 36.9% increase in revenue year-over-year, reaching $1.51 billion for the latest quarter, surpassing analyst expectations.
• Insiders sold a total of 658,331 shares of DraftKings stock in recent transactions, indicating significant reductions in their ownership stakes.

Game Plan Financial Advisors LLC boosted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 36.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,254 shares of the company's stock after acquiring an additional 17,299 shares during the quarter. Game Plan Financial Advisors LLC's holdings in DraftKings were worth $2,756,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FNY Investment Advisers LLC bought a new position in shares of DraftKings during the 1st quarter valued at $26,000. Smallwood Wealth Investment Management LLC bought a new position in shares of DraftKings during the 1st quarter valued at $27,000. GPS Wealth Strategies Group LLC lifted its holdings in shares of DraftKings by 197.9% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock valued at $28,000 after buying an additional 564 shares during the period. Bank of Jackson Hole Trust bought a new position in shares of DraftKings during the 1st quarter valued at $31,000. Finally, TD Private Client Wealth LLC lifted its holdings in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock valued at $34,000 after buying an additional 282 shares during the period. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG stock opened at $33.98 on Thursday. The firm has a market cap of $16.87 billion, a price-to-earnings ratio of -52.28, a PEG ratio of 0.70 and a beta of 1.99. The company's 50 day moving average is $43.62 and its 200 day moving average is $39.69. 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 Inc. has a 52-week low of $29.64 and a 52-week 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. DraftKings's revenue was up 36.9% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction 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 transaction, the director directly owned 402 shares of the company's stock, valued at approximately $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 completion of the transaction, the director directly owned 1,461 shares in the company, 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. In the last ninety days, insiders sold 658,331 shares of company stock valued at $29,285,365. 51.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DKNG has been the topic of several research analyst reports. Mizuho lowered their price target on DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a report on Tuesday. Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. UBS Group cut their price objective on DraftKings from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, September 24th. Northland Capmk downgraded shares of DraftKings from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, October 1st. Finally, Jefferies Financial Group set a $52.00 price objective on shares of DraftKings in a research note on Monday. Twenty-six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.64.

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.

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