Mn Services Vermogensbeheer B.V. Increases Position in DraftKings Inc. $DKNG

Key Points

• Mn Services Vermogensbeheer B.V. has increased its stake in DraftKings Inc. by 10.2% in Q2, now holding 168,200 shares valued at $7.21 million.
• Several institutional investors significantly boosted their positions in DraftKings, with AQR Capital Management increasing their stake by a staggering 2,138.9% in the same quarter.
• DraftKings reported a 36.9% year-over-year revenue growth in its recent earnings release, achieving $1.51 billion in revenue and exceeding analysts' estimates.

Mn Services Vermogensbeheer B.V. increased its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 10.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 168,200 shares of the company's stock after acquiring an additional 15,600 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in DraftKings were worth $7,214,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after buying an additional 4,486,488 shares in the last quarter. Eminence Capital LP lifted its stake in DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after purchasing an additional 3,423,909 shares during the last quarter. Nuveen LLC bought a new position in DraftKings during the 1st quarter worth about $107,739,000. AGF Management Ltd. acquired a new stake in shares of DraftKings in the 1st quarter worth $83,622,000. Finally, Baillie Gifford & Co. lifted its stake in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction dated Tuesday, August 5th. The stock was 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 owned 500,000 shares of the company's stock, valued at $22,300,000. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 658,331 shares of company stock worth $29,285,365. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on DKNG shares. Sanford C. Bernstein initiated coverage on DraftKings in a research report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price objective on the stock. Jefferies Financial Group set a $54.00 price target on DraftKings in a research report on Thursday, August 21st. Morgan Stanley reissued an "overweight" rating and set a $52.00 price target (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. Stifel Nicolaus reduced their price objective on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Truist Financial raised their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Twenty-four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.12.

DraftKings Stock Performance

Shares of DKNG opened at $43.45 on Friday. The company has a 50-day moving average of $45.07 and a two-hundred day moving average of $39.71. The stock has a market cap of $21.57 billion, a price-to-earnings ratio of -66.85, a PEG ratio of 1.03 and a beta of 1.73. 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 Inc. has a one year low of $29.64 and a one year high of $53.61.

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

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.

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