IFG Advisors LLC Takes Position in DraftKings Inc. $DKNG

Key Points

• IFG Advisors LLC has acquired a new stake in DraftKings Inc. during the 2nd quarter, purchasing 8,102 shares valued at approximately $347,000.
• Insider trading activity includes R Stanton Dodge selling over 105,000 shares for around $5 million, indicating a significant change in ownership.
• DraftKings has a consensus rating of "Moderate Buy" from analysts and a current target price of $53.00, reflecting positive investor sentiment.

IFG Advisors LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,102 shares of the company's stock, valued at approximately $347,000.

A number of other hedge funds have also bought and sold shares of DKNG. FNY Investment Advisers LLC purchased a new stake in shares of DraftKings during the 1st quarter valued at about $26,000. TD Private Client Wealth LLC boosted its holdings in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the 1st quarter worth approximately $27,000. Bank of Jackson Hole Trust purchased a new stake in DraftKings during the 1st quarter valued at $31,000. Finally, Summit Securities Group LLC lifted its holdings in shares of DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company's stock valued at $35,000 after buying an additional 810 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 105,554 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the transaction, the insider owned 512,181 shares of the company's stock, valued at $24,262,013.97. This represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction dated 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 owned 1,461 shares of the company's stock, valued at $63,129.81. This represents a 76.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 658,331 shares of company stock worth $29,285,365 in the last three months. 47.08% of the stock is owned by company insiders.

DraftKings Trading Up 2.3%

DraftKings stock opened at $34.36 on Wednesday. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61. The firm has a market capitalization of $17.06 billion, a price-to-earnings ratio of -52.86, a P/E/G ratio of 0.72 and a beta of 1.99. The firm has a 50 day moving average of $42.76 and a 200 day moving average of $39.59. 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 for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion during 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%. The company's revenue was up 36.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of several research analyst reports. Truist Financial lifted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Susquehanna cut their price target on DraftKings from $64.00 to $59.00 and set a "positive" rating for the company in a research note on Tuesday. Benchmark lowered their price objective on shares of DraftKings from $53.00 to $43.00 and set a "buy" rating on the stock in a research note on Thursday, October 2nd. Mizuho dropped their price objective on shares of DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a report on Tuesday, October 7th. Finally, JPMorgan Chase & Co. initiated coverage on shares of DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price for the company. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.00.

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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