QTR Family Wealth LLC Invests $338,000 in DraftKings Inc. $DKNG

Key Points

• QTR Family Wealth LLC has invested approximately $338,000 in DraftKings, acquiring 7,891 shares in the second quarter.
• DraftKings reported a 36.9% year-over-year increase in quarterly revenue, totaling $1.51 billion, and earnings per share of $0.30, exceeding analyst expectations.
• Despite recent performance, DraftKings stock is currently trading down 11.6%, with a market capitalization of $18.57 billion.

QTR Family Wealth LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,891 shares of the company's stock, valued at approximately $338,000.

Several other hedge funds have also modified their holdings of the stock. Brooklyn Investment Group lifted its position in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock valued at $132,000 after buying an additional 270 shares in the last quarter. TD Private Client Wealth LLC lifted its position in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock valued at $34,000 after buying an additional 282 shares in the last quarter. Farther Finance Advisors LLC lifted its position in DraftKings by 9.1% during the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company's stock valued at $146,000 after buying an additional 286 shares in the last quarter. Obermeyer Wealth Partners lifted its position in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after buying an additional 297 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in DraftKings by 44.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after buying an additional 317 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

DraftKings Trading Down 11.6%

DKNG opened at $37.40 on Wednesday. The stock has a market capitalization of $18.57 billion, a PE ratio of -57.54, a P/E/G ratio of 1.00 and a beta of 1.73. The firm's fifty day moving average price is $44.82 and its 200 day moving average price is $39.86. 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 12-month low of $29.64 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The firm had revenue of $1.51 billion for 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%. The firm's quarterly revenue was up 36.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Transactions at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the business's stock in a transaction 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business's stock in a transaction 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 of the company's stock, 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. Insiders sold a total of 658,331 shares of company stock valued at $29,285,365 over the last ninety days. 47.08% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of recent research reports. Benchmark boosted their target price on shares of DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Stifel Nicolaus reduced their target price on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Wall Street Zen raised shares of DraftKings from a "hold" rating to a "buy" rating in a research report on Saturday, September 20th. Susquehanna reissued a "positive" rating and set a $64.00 target price on shares of DraftKings in a research report on Friday, August 8th. Finally, Barclays reissued an "overweight" rating and set a $54.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Twenty-five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.15.

DraftKings Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.