Rafferty Asset Management LLC Decreases Stock Position in DraftKings Inc. $DKNG

Key Points

• Rafferty Asset Management LLC reduced its stake in DraftKings by 24.8%, selling 7,667 shares and now holding 23,208 shares valued at approximately $771,000.
• Several institutional investors have recently made transactions, including GPS Wealth Strategies Group LLC, which increased its holdings in DraftKings by 197.9%.
• Analysts have set new price targets for DraftKings, with targets ranging from $47.00 to $60.00, while maintaining an overall rating of "Moderate Buy" for the stock.

Rafferty Asset Management LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 24.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,208 shares of the company's stock after selling 7,667 shares during the period. Rafferty Asset Management LLC's holdings in DraftKings were worth $771,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its holdings in DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock valued at $621,030,000 after buying an additional 130,434 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of DraftKings by 31,346.8% during the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after acquiring an additional 9,352,019 shares in the last quarter. Baillie Gifford & Co. increased 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 purchasing an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in DraftKings by 4.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock valued at $235,746,000 after purchasing an additional 301,134 shares in the last quarter. Finally, Whale Rock Capital Management LLC boosted its holdings in shares of DraftKings by 9.2% in the 4th quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock valued at $184,954,000 after acquiring an additional 416,881 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the sale, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was 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 $5,753,081.90. The trade was a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 816,662 shares of company stock worth $35,460,274. 47.08% of the stock is currently owned by insiders.

DraftKings Stock Performance

DKNG traded down $0.23 during trading on Wednesday, hitting $47.68. The stock had a trading volume of 5,698,455 shares, compared to its average volume of 8,880,510. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $42.41 billion, a P/E ratio of -73.35, a PEG ratio of 1.14 and a beta of 1.73. The company's 50-day moving average price is $44.45 and its 200 day moving average price is $39.80. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its quarterly earnings data 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 company 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%. DraftKings's revenue was up 36.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of recent analyst reports. Mizuho lowered their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Jefferies Financial Group set a $54.00 price objective on shares of DraftKings in a research report on Thursday, August 21st. Susquehanna reaffirmed a "positive" rating and set a $64.00 target price on shares of DraftKings in a research note on Friday, August 8th. Sanford C. Bernstein assumed coverage on shares of DraftKings in a research note on Wednesday, June 4th. They set an "outperform" rating and a $46.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the company a "hold" rating in a research note on Friday, August 8th. Twenty-five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, DraftKings has a consensus rating of "Moderate Buy" and a consensus price target of $54.50.

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.