NorthRock Partners LLC Takes Position in DraftKings Inc. $DKNG

Key Points

• NorthRock Partners LLC acquired a new position in DraftKings, purchasing 8,120 shares valued at approximately $348,000 during the second quarter.
• Insider Matthew Kalish sold 210,000 shares of DraftKings stock for over $9 million, resulting in a 4.77% decrease in his ownership, while CFO Alan Wayne Ellingson also reduced his shares by 25.86%.
• DraftKings reported a 36.9% revenue increase year-over-year and beat expectations with an EPS of $0.30, contrasting with analysts' estimates of $0.16.

NorthRock Partners LLC purchased a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,120 shares of the company's stock, valued at approximately $348,000.

A number of other institutional investors also recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. raised its stake in DraftKings by 5.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 164,968 shares of the company's stock worth $7,075,000 after buying an additional 8,735 shares in the last quarter. Yousif Capital Management LLC bought a new position in DraftKings in the second quarter worth about $253,000. CWM LLC raised its stake in DraftKings by 35.4% in the second quarter. CWM LLC now owns 183,230 shares of the company's stock worth $7,859,000 after buying an additional 47,875 shares in the last quarter. Udine Wealth Management Inc. raised its stake in DraftKings by 38.3% in the second quarter. Udine Wealth Management Inc. now owns 58,721 shares of the company's stock worth $2,519,000 after buying an additional 16,270 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in DraftKings by 5.9% in the second quarter. Concurrent Investment Advisors LLC now owns 23,452 shares of the company's stock worth $1,006,000 after buying an additional 1,312 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the sale, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the sale, the chief financial officer owned 128,131 shares in the company, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 552,777 shares of company stock valued at $24,690,599. Company insiders own 51.19% of the company's stock.

DraftKings Trading Down 0.9%

NASDAQ:DKNG opened at $35.19 on Friday. The company's 50 day moving average price is $42.36 and its 200-day moving average price is $39.58. DraftKings Inc. has a 52 week low of $29.64 and a 52 week 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 stock has a market cap of $17.47 billion, a price-to-earnings ratio of -54.14, a PEG ratio of 0.89 and a beta of 1.99.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter in the prior year, the company posted $0.12 earnings per share. 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. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a research note on Monday, October 6th. Truist Financial increased their price target on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Barclays restated an "overweight" rating and issued a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Mizuho cut their price objective on shares of DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a report on Tuesday, October 7th. Finally, Northland Capmk cut shares of DraftKings from a "strong-buy" rating to a "strong sell" rating in a report on Wednesday, October 1st. Twenty-seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $53.00.

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.

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