DraftKings Inc. (NASDAQ:DKNG) Position Reduced by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in DraftKings Inc. by 8.5%, selling 483,123 shares and now owning approximately 5.18 million shares valued at $171.86 million.
• Analysts have mixed responses on DraftKings' stock, with price targets ranging from $47.00 to $61.00, and an average rating classified as a "Moderate Buy."
• DraftKings reported a 36.9% year-over-year revenue increase, with $1.51 billion generated in the last quarter, exceeding analysts' expectations.

Invesco Ltd. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 8.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,175,074 shares of the company's stock after selling 483,123 shares during the quarter. Invesco Ltd. owned 0.59% of DraftKings worth $171,864,000 at the end of the most recent quarter.

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

Insider Activity

In related news, insider R Stanton Dodge sold 105,554 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the sale, the insider directly owned 500,000 shares of the company's stock, valued at approximately $22,300,000. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the sale, the insider directly owned 4,190,233 shares of the company's stock, valued at approximately $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 sold a total of 645,938 shares of company stock valued at $26,823,776 in the last 90 days. Company insiders own 51.19% of the company's stock.

DraftKings Stock Up 2.9%

DKNG traded up $1.27 during trading hours on Friday, reaching $44.94. 9,569,503 shares of the stock traded hands, compared to its average volume of 9,671,005. The firm's fifty day simple moving average is $42.39 and its two-hundred day simple moving average is $39.48. The company has a market cap of $39.97 billion, a price-to-earnings ratio of -69.14, a PEG ratio of 1.07 and a beta of 1.70. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week 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.

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, beating 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 business's revenue was up 36.9% on a year-over-year basis. During the same period last year, the business earned $0.12 EPS. As a group, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

DKNG has been the subject of several analyst reports. JPMorgan Chase & Co. initiated coverage on DraftKings in a report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price target for the company. BMO Capital Markets reiterated an "outperform" rating and issued a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Mizuho dropped their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Susquehanna reaffirmed a "positive" rating and set a $64.00 price target on shares of DraftKings in a research report on Friday, August 8th. Finally, Sanford C. Bernstein assumed coverage on shares of DraftKings in a research report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.

DraftKings 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.