SteelPeak Wealth LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,362 shares of the company's stock, valued at approximately $359,000.
A number of other hedge funds also recently bought and sold shares of the stock. T. Rowe Price Investment Management Inc. lifted its holdings in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock worth $621,030,000 after buying an additional 130,434 shares during the period. Baillie Gifford & Co. lifted its holdings in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after buying an additional 1,756,778 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in DraftKings by 4.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock worth $235,746,000 after buying an additional 301,134 shares during the period. Eminence Capital LP lifted its holdings in DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after buying an additional 3,423,909 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after buying an additional 4,486,488 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.
Analyst Ratings Changes
DKNG has been the subject of a number of analyst reports. Barclays restated an "overweight" rating and set a $54.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Citigroup reaffirmed a "neutral" rating on shares of DraftKings in a research report on Wednesday, October 1st. UBS Group reduced their price target on DraftKings from $58.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, September 24th. Mizuho reduced their price target on DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a research report on Tuesday. Finally, JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price target on the stock. Twenty-six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $53.64.
Check Out Our Latest Stock Analysis on DKNG
DraftKings Price Performance
NASDAQ DKNG opened at $33.98 on Thursday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The stock's fifty day moving average price is $43.62 and its 200 day moving average price is $39.69. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The company has a market cap of $16.87 billion, a price-to-earnings ratio of -52.28, a PEG ratio of 0.70 and a beta of 1.99.
DraftKings (NASDAQ:DKNG - Get Free Report) last released its 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. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm earned $0.12 EPS. The firm's revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.
Insider Transactions at DraftKings
In related news, CFO Alan Wayne Ellingson sold 44,693 shares of the company's stock in a transaction on 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of the transaction, the insider directly owned 500,000 shares in the company, valued at approximately $22,300,000. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 658,331 shares of company stock worth $29,285,365 over the last 90 days. Insiders own 51.19% of the company's stock.
DraftKings Company Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding DKNG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DraftKings Inc. (NASDAQ:DKNG - Free Report).
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