Kovitz Investment Group Partners LLC Raises Stake in DraftKings Inc. $DKNG

Key Points

• Kovitz Investment Group Partners LLC increased its holdings in DraftKings Inc. by 185.8% during the first quarter, bringing its total shares to 69,709, with a value of approximately $2.3 million.
• DraftKings reported strong quarterly earnings, beating analysts' estimates with a revenue of $1.51 billion and earnings per share of $0.30.
• Several hedge funds, including Brown Advisory Inc. and IFM Investors Pty Ltd, also increased their stakes in DraftKings, indicating growing institutional interest in the stock.

Kovitz Investment Group Partners LLC boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 185.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,709 shares of the company's stock after purchasing an additional 45,316 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in DraftKings were worth $2,315,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of DKNG. Brown Advisory Inc. lifted its position in shares of DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock valued at $252,000 after buying an additional 968 shares in the last quarter. IFM Investors Pty Ltd raised its position in DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock worth $2,781,000 after acquiring an additional 7,147 shares during the period. Capital Investment Advisory Services LLC purchased a new position in DraftKings during the first quarter valued at $515,000. Allspring Global Investments Holdings LLC grew its position in shares of DraftKings by 18.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock valued at $90,558,000 after purchasing an additional 434,525 shares during the period. Finally, Kentucky Retirement Systems purchased a new stake in shares of DraftKings during the first quarter worth about $1,026,000. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Up 2.5%

NASDAQ:DKNG traded up $1.1550 during trading hours on Friday, reaching $47.2450. 5,086,757 shares of the stock were exchanged, compared to its average volume of 10,326,652. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The business has a 50-day moving average of $43.05 and a two-hundred day moving average of $39.60. The company has a market capitalization of $42.02 billion, a price-to-earnings ratio of -72.63, a PEG ratio of 1.08 and a beta of 1.70. 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 (NASDAQ:DKNG - Get Free Report) last posted 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. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the business earned $0.12 EPS. The company's quarterly revenue was up 36.9% compared to the same quarter last year. 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.

Insider Buying and Selling at DraftKings

In related news, insider R Stanton Dodge sold 158,331 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total transaction of $6,174,909.00. Following the sale, the insider directly owned 504,381 shares of the company's stock, valued at $19,670,859. This represents a 23.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 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. Over the last ninety days, insiders have sold 690,631 shares of company stock worth $28,830,492. 51.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on DKNG shares. Morgan Stanley reaffirmed an "overweight" rating and issued a $52.00 price target (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Barclays restated an "overweight" rating and issued a $54.00 target price (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on DraftKings and gave the stock a "hold" rating in a research report on Friday, August 8th. Cowen restated a "buy" rating on shares of DraftKings in a report on Thursday, April 24th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $65.00 target price on shares of DraftKings in a report on Thursday, April 24th. Twenty-five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.50.

About DraftKings

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.