Game Plan Financial Advisors LLC Cuts Stock Holdings in DraftKings Inc. $DKNG

Key Points

• Game Plan Financial Advisors LLC reduced its holdings in DraftKings Inc. by 30.5%, selling 20,566 shares and now owning a total of 46,955 shares valued at approximately $1,559,000.
• In the most recent quarter, DraftKings reported an EPS of $0.30, exceeding expectations and generating $1.51 billion in revenue, reflecting a year-over-year increase of 36.9%.
• Analysts have a consensus rating of "Moderate Buy" for DraftKings, with an average price target of $54.37, as various brokerages adjust their outlook on the stock.

Game Plan Financial Advisors LLC lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 30.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,955 shares of the company's stock after selling 20,566 shares during the period. Game Plan Financial Advisors LLC's holdings in DraftKings were worth $1,559,000 at the end of the most recent quarter.

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

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the completion of the sale, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the sale, the chief financial officer owned 128,131 shares of the company's stock, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 816,662 shares of company stock worth $35,460,274 in the last quarter. Corporate insiders own 51.19% of the company's stock.

DraftKings Price Performance

NASDAQ DKNG traded down $1.89 during trading hours on Friday, reaching $43.98. The company's stock had a trading volume of 14,178,578 shares, compared to its average volume of 10,092,834. The firm has a market capitalization of $21.83 billion, a price-to-earnings ratio of -67.66, a P/E/G ratio of 1.08 and a beta of 1.73. 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 current ratio of 1.34 and a quick ratio of 1.34. The company's 50-day moving average is $44.97 and its two-hundred day moving average is $39.68.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The company 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%.DraftKings's quarterly revenue was up 36.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Ratings Changes

DKNG has been the subject of a number of research analyst reports. Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Susquehanna reiterated a "positive" rating and set a $64.00 price objective on shares of DraftKings in a research note on Friday, August 8th. Morgan Stanley reiterated an "overweight" rating and set a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Barclays reissued 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. Finally, JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. Twenty-four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $55.12.

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.