Quarry LP Has $278,000 Holdings in DraftKings Inc. $DKNG

Key Points

• Quarry LP has increased its investment in DraftKings Inc. by 182.9%, now holding shares valued at $278,000 after acquiring 5,407 additional shares during the first quarter.
• Insider Matthew Kalish sold 210,000 shares of DraftKings stock for approximately $9 million, resulting in a 4.77% reduction of his ownership in the company.
• DraftKings reported a 36.9% year-over-year revenue increase for the last quarter, achieving revenue of $1.51 billion and earnings per share of $0.30, exceeding analysts' expectations.

Quarry LP lifted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 182.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,363 shares of the company's stock after acquiring an additional 5,407 shares during the quarter. Quarry LP's holdings in DraftKings were worth $278,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in DKNG. Janus Henderson Group PLC lifted its position in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock valued at $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Nuveen LLC purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $107,739,000. AGF Management Ltd. purchased a new stake in shares of DraftKings in the 1st quarter valued at approximately $83,622,000. Baillie Gifford & Co. lifted its position in shares of DraftKings by 26.5% in 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 in the last quarter. Finally, Eminence Capital LP purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $65,255,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Activity at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the 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 transaction, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. This represents a 25.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director owned 402 shares in the company, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 816,662 shares of company stock worth $35,460,274 over the last quarter. 47.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Barclays restated an "overweight" rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Truist Financial increased their target price on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Morgan Stanley reiterated an "overweight" rating and issued a $52.00 target price (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Guggenheim cut their target price on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Bank of America cut their target price on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $54.50.

DraftKings Stock Down 0.5%

Shares of DKNG traded down $0.23 during mid-day trading on Wednesday, hitting $47.68. 5,698,455 shares of the company's stock were exchanged, compared to its average volume of 8,880,510. The firm has a fifty day moving average of $44.45 and a two-hundred day moving average of $39.80. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The stock has a market cap of $42.41 billion, a price-to-earnings ratio of -73.35, a P/E/G ratio of 1.14 and a beta of 1.73. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.30 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the business posted $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. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.