DraftKings Inc. $DKNG Stock Position Lifted by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management Inc. increased its holdings in DraftKings Inc. by 6.1%, acquiring an additional 16,853 shares, bringing its total to 293,767 shares valued at approximately $9.76 million.
• Insider sales have been notable, with R Stanton Dodge and Jocelyn Moore selling significant portions of their stock, resulting in a total insider sale of 711,108 shares valued at over $30 million in the past three months.
• Analysts maintain a consensus rating of “Moderate Buy” for DraftKings, with a price target averaging $54.50, reflecting optimism about the company’s growth potential.

Panagora Asset Management Inc. grew its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 6.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 293,767 shares of the company's stock after acquiring an additional 16,853 shares during the quarter. Panagora Asset Management Inc.'s holdings in DraftKings were worth $9,756,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its stake in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock worth $621,030,000 after acquiring an additional 130,434 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after buying an additional 9,352,019 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after buying an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of DraftKings by 4.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock valued at $235,746,000 after buying an additional 301,134 shares in the last quarter. Finally, Whale Rock Capital Management LLC grew its stake in shares of DraftKings by 9.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock valued at $184,954,000 after buying an additional 416,881 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Down 1.8%

NASDAQ DKNG traded down $0.84 during mid-day trading on Friday, reaching $46.56. 8,402,464 shares of the company's stock traded hands, compared to its average volume of 7,660,442. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. The company has a fifty day simple moving average of $44.63 and a 200-day simple moving average of $39.72. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The company has a market cap of $41.41 billion, a price-to-earnings ratio of -71.63, a P/E/G ratio of 1.12 and a beta of 1.73.

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, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm earned $0.12 EPS. DraftKings's quarterly revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the transaction, the director owned 1,461 shares of the company's stock, valued at $63,129.81. This trade represents a 76.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the transaction, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. This represents a 17.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 816,662 shares of company stock worth $35,460,274 over the last quarter. Corporate insiders own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on DKNG shares. Needham & Company LLC reiterated a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research note on Friday, May 9th. Citigroup reiterated a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Stifel Nicolaus lowered 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. Truist Financial increased their target price on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Barclays reiterated an "overweight" rating and issued a $54.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Twenty-four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and a consensus target price of $54.37.

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.