Korea Investment CORP Has $8.03 Million Position in DraftKings Inc. $DKNG

Key Points

• Korea Investment CORP has reduced its stake in DraftKings Inc. by 21.3%, selling 65,603 shares and holding 241,869 shares worth $8,032,000 at the end of the first quarter.
• Multiple institutional investors have increased their positions in DraftKings, with Janus Henderson Group PLC significantly raising its stake by 31,346.8% during the last quarter.
• DraftKings has received positive analyst ratings, with a consensus price target of $54.50, indicating a Moderate Buy sentiment from the majority of research analysts.

Korea Investment CORP reduced its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 241,869 shares of the company's stock after selling 65,603 shares during the quarter. Korea Investment CORP's holdings in DraftKings were worth $8,032,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Beacon Pointe Advisors LLC lifted its position in shares of DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after buying an additional 203 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after buying an additional 217 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of DraftKings by 7.3% in the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock worth $132,000 after buying an additional 270 shares during the last quarter. Snowden Capital Advisors LLC lifted its position in shares of DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after buying an additional 296 shares during the last quarter. Finally, Obermeyer Wealth Partners lifted its position in shares of DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock worth $297,000 after buying an additional 297 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the transaction, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 4,861 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 1,461 shares of the company's stock, valued at approximately $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 767,021 shares of company stock valued at $32,338,320. Company insiders own 47.08% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on DKNG shares. Jefferies Financial Group set a $54.00 price objective on shares of DraftKings in a report on Thursday, August 21st. Mizuho dropped their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Truist Financial increased their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a report on Friday, July 11th. Finally, Macquarie dropped their price objective 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. Twenty-five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $54.50.

DraftKings Price Performance

DraftKings stock traded down $0.06 during trading hours on Wednesday, hitting $47.65. 3,487,637 shares of the company traded hands, compared to its average volume of 10,237,229. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The firm's 50-day simple moving average is $43.63 and its two-hundred day simple moving average is $39.69. The firm has a market cap of $42.39 billion, a P/E ratio of -73.30, a P/E/G ratio of 1.11 and a beta of 1.70.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm posted $0.12 EPS. The business's revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts forecast 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.