State of Wyoming Takes $420,000 Position in DraftKings Inc. $DKNG

Key Points

• The State of Wyoming has acquired a new stake in DraftKings Inc. valued at approximately $420,000 by purchasing 12,635 shares in the first quarter.
• Insider trading reports reveal significant sales, with Director Ryan R. Moore selling over 76,000 shares, leading to a 99.48% decrease in his position.
• DraftKings reported a $1.51 billion revenue for the most recent quarter, exceeding analyst expectations and demonstrating a year-over-year growth of 36.9%.

State of Wyoming bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 12,635 shares of the company's stock, valued at approximately $420,000.

A number of other institutional investors have also recently bought and sold shares of DKNG. Dimensional Fund Advisors LP lifted its position in shares of DraftKings by 6.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,105,643 shares of the company's stock valued at $41,129,000 after buying an additional 64,088 shares during the last quarter. Beacon Pointe Advisors LLC raised its stake in DraftKings by 1.9% in the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock valued at $398,000 after acquiring an additional 203 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in DraftKings by 2.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 26,236 shares of the company's stock valued at $976,000 after purchasing an additional 576 shares during the last quarter. Northern Trust Corp boosted its position in DraftKings by 11.7% during the fourth quarter. Northern Trust Corp now owns 2,606,308 shares of the company's stock worth $96,955,000 after purchasing an additional 272,290 shares during the period. Finally, Lido Advisors LLC increased its holdings in shares of DraftKings by 25.2% in the fourth quarter. Lido Advisors LLC now owns 7,037 shares of the company's stock valued at $262,000 after purchasing an additional 1,417 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the firm's 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 $18,459.84. This trade represents a 99.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction on Tuesday, August 19th. The shares were 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 $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 763,885 shares of company stock valued at $32,227,682 over the last ninety days. 51.19% of the stock is owned by corporate insiders.

DraftKings Price Performance

Shares of DraftKings stock opened at $47.98 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The stock has a market capitalization of $42.68 billion, a price-to-earnings ratio of -73.82, a price-to-earnings-growth ratio of 1.14 and a beta of 1.70. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a 50-day simple moving average of $44.12 and a two-hundred day simple moving average of $39.77.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its 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 analysts' expectations of $1.39 billion. During the same period last year, the firm earned $0.12 earnings per share. The business's revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research analyst reports. Sanford C. Bernstein assumed coverage on shares of DraftKings in a research report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price objective on the stock. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a "hold" rating in a report on Friday, August 8th. Wall Street Zen downgraded shares of DraftKings from a "buy" rating to a "hold" rating in a research report on Saturday. Stifel Nicolaus decreased their target price on DraftKings from $53.00 to $51.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Mizuho lowered their target price on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, DraftKings currently has an average rating of "Moderate Buy" and an average target price of $54.50.

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.

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