M & L Capital Management Ltd Buys Shares of 6,000 DraftKings Inc. $DKNG

Key Points

• M & L Capital Management Ltd has invested approximately $257,000 in DraftKings Inc., acquiring 6,000 shares during the 2nd quarter.
• DraftKings has received multiple analyst upgrades, with an overall consensus rating of "Moderate Buy" and a target price averaging around $55.12.
• DraftKings' most recent quarterly earnings report showed a revenue of $1.51 billion, exceeding analyst estimates by $0.14 per share with a revenue growth of 36.9% from the previous year.

M & L Capital Management Ltd acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,000 shares of the company's stock, valued at approximately $257,000. DraftKings comprises 0.1% of M & L Capital Management Ltd's holdings, making the stock its 20th biggest position.

A number of other institutional investors have also recently made changes to their positions in DKNG. OMNI 360 Wealth Inc. acquired a new stake in DraftKings during the 2nd quarter valued at approximately $237,000. Kera Capital Partners Inc. acquired a new stake in shares of DraftKings during the second quarter worth $319,000. AG2R LA Mondiale Gestion D Actifs bought a new position in DraftKings during the first quarter worth $684,000. Militia Capital Partners LP lifted its holdings in DraftKings by 333.3% in the first quarter. Militia Capital Partners LP now owns 5,200 shares of the company's stock valued at $173,000 after buying an additional 4,000 shares during the period. Finally, Addison Capital Co boosted its position in DraftKings by 1.5% during the first quarter. Addison Capital Co now owns 27,290 shares of the company's stock valued at $906,000 after acquiring an additional 402 shares during the last quarter. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Up 0.1%

NASDAQ DKNG traded up $0.05 on Tuesday, reaching $42.88. The company had a trading volume of 7,607,413 shares, compared to its average volume of 7,200,308. 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 company's fifty day moving average is $45.09 and its 200 day moving average is $39.66. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The stock has a market capitalization of $21.29 billion, a P/E ratio of -65.97, a P/E/G ratio of 1.02 and a beta of 1.73.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results 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. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the business posted $0.12 EPS. The business's revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Stifel Nicolaus decreased their target price on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Susquehanna reiterated a "positive" rating and issued a $64.00 price objective on shares of DraftKings in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the stock a "hold" rating in a research note on Friday, August 8th. Jefferies Financial Group set a $54.00 price target on shares of DraftKings in a research note on Thursday, August 21st. Finally, Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. Twenty-four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and an average price target of $55.12.

Insider Transactions at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. The trade was a 4.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director directly owned 402 shares of the company's stock, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 816,662 shares of company stock worth $35,460,274. Company insiders own 47.08% of the company's stock.

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.