Krilogy Financial LLC Purchases Shares of 19,176 DraftKings Inc. $DKNG

Key Points

• Krilogy Financial LLC has acquired a new stake in DraftKings Inc., purchasing 19,176 shares valued at approximately $822,000 in the second quarter.
• Insider transactions have shown significant selling activity, with CFO Alan Wayne Ellingson selling 44,693 shares, representing a 25.86% decrease in his ownership.
• DraftKings posted impressive quarterly earnings with a revenue of $1.51 billion, surpassing analyst estimates and marking a 36.9% year-over-year increase.

Krilogy Financial LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 19,176 shares of the company's stock, valued at approximately $822,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brooklyn Investment Group lifted its holdings in shares of DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock valued at $132,000 after buying an additional 270 shares during the period. Snowden Capital Advisors LLC lifted its holdings in shares of DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock valued at $325,000 after buying an additional 296 shares during the period. Obermeyer Wealth Partners lifted its holdings in shares of DraftKings by 3.4% during the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after buying an additional 297 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock worth $34,000 after purchasing an additional 317 shares during the period. Finally, Stevens Capital Management LP raised its holdings in DraftKings by 3.7% in the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company's stock worth $299,000 after purchasing an additional 319 shares during the period. 37.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DKNG shares. Susquehanna reiterated a "positive" rating and issued a $64.00 price target on shares of DraftKings in a research note on Friday, August 8th. Wall Street Zen upgraded DraftKings from a "hold" rating to a "buy" rating in a research note on Saturday. Deutsche Bank Aktiengesellschaft set a $47.00 price target on DraftKings and gave the stock a "hold" rating in a research note on Friday, August 8th. Sanford C. Bernstein started coverage on DraftKings in a research note on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price target for the company. Finally, Truist Financial increased their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Twenty-four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $55.12.

DraftKings Trading Up 0.3%

DKNG traded up $0.15 on Friday, hitting $43.45. The company had a trading volume of 9,090,861 shares, compared to its average volume of 7,302,942. The company has a market cap of $21.57 billion, a PE ratio of -66.85, a PEG ratio of 1.03 and a beta of 1.73. DraftKings Inc. has a 12-month low of $29.64 and a 12-month 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 business's fifty day simple moving average is $45.07 and its 200 day simple moving average is $39.71.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm's quarterly revenue was up 36.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 4,861 shares of DraftKings 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 transaction, the director directly owned 1,461 shares of the company's stock, valued at $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 658,331 shares of company stock valued at $29,285,365 over the last quarter. 51.19% of the stock is owned by insiders.

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.