Samlyn Capital LLC Acquires 177,924 Shares of DraftKings Inc. $DKNG

Key Points

• Samlyn Capital LLC increased its stake in DraftKings Inc. by 4.1% in Q1, owning approximately $149.63 million, which is about 2.2% of its investment portfolio.
• Insider selling was notable with Director Ryan R. Moore and insider Matthew Kalish collectively selling over 286,000 shares of DraftKings, significantly reducing their ownership positions.
• DraftKings reported a revenue increase of 36.9% year-over-year, with its latest earnings announcing an EPS of $0.30, surpassing expectations.

Samlyn Capital LLC boosted its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 4.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,505,441 shares of the company's stock after purchasing an additional 177,924 shares during the quarter. DraftKings accounts for about 2.2% of Samlyn Capital LLC's portfolio, making the stock its 12th largest holding. Samlyn Capital LLC owned approximately 0.51% of DraftKings worth $149,626,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its holdings in DraftKings by 0.7% in 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 during the period. Janus Henderson Group PLC raised its stake in shares of DraftKings by 31,346.8% during the fourth 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 during the last quarter. 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 worth $278,640,000 after purchasing an additional 1,756,778 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of DraftKings by 4.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock worth $235,746,000 after purchasing an additional 301,134 shares during the period. Finally, Eminence Capital LP lifted its position in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock valued at $171,964,000 after acquiring an additional 3,423,909 shares during the period. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DKNG shares. Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the company a "hold" rating in a research report on Friday, August 8th. Guggenheim lowered their target price on shares of DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. Mizuho decreased their price objective on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Citigroup reiterated a "buy" rating on shares of DraftKings in a research note on Friday, July 11th. Finally, JMP Securities cut their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Twenty-four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.37.

Insider Buying and Selling

In related news, Director Ryan R. Moore sold 76,390 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director owned 402 shares in the company, valued at $18,459.84. The trade was a 99.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares of the company's stock, valued at approximately $5,753,081.90. This trade represents a 25.86% 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 owned by insiders.

DraftKings Trading Down 0.9%

NASDAQ:DKNG traded down $0.41 during trading hours on Tuesday, hitting $45.91. The company had a trading volume of 5,754,391 shares, compared to its average volume of 7,185,186. The company has a market capitalization of $40.84 billion, a PE ratio of -70.63, a price-to-earnings-growth ratio of 1.10 and a beta of 1.73. The stock has a 50-day moving average price of $44.78 and a 200 day moving average price of $39.63. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. 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 (NASDAQ:DKNG - Get Free Report) last announced its 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 previous year, the business posted $0.12 EPS. The company's quarterly revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.