Strategic Planning Group LLC Boosts Stock Holdings in DraftKings Inc. $DKNG

Key Points

• Strategic Planning Group LLC increased its stake in DraftKings Inc. by 9.7% in Q2 2023, with holdings valued at approximately $3.7 million.
• DraftKings reported a 36.9% increase in revenue year-over-year, achieving $1.51 billion for the most recent quarter, and the earnings per share beat analyst expectations.
• Several institutional investors, including Brooklyn Investment Group and MassMutual Private Wealth & Trust FSB, have also increased their holdings in DraftKings, which indicates growing confidence in the company's prospects.

Strategic Planning Group LLC raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 9.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,482 shares of the company's stock after acquiring an additional 7,630 shares during the quarter. Strategic Planning Group LLC's holdings in DraftKings were worth $3,709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brooklyn Investment Group raised its holdings in DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock valued at $132,000 after acquiring an additional 270 shares during the period. Farther Finance Advisors LLC raised its holdings in DraftKings by 9.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company's stock valued at $146,000 after acquiring an additional 286 shares during the period. Obermeyer Wealth Partners raised its holdings in DraftKings by 3.4% during the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock valued at $297,000 after acquiring an additional 297 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in DraftKings by 44.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares during the period. Finally, Stevens Capital Management LP raised its holdings in DraftKings by 3.7% during the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company's stock valued at $299,000 after acquiring an additional 319 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $43.45 on Monday. The company has a 50-day simple moving average of $45.07 and a two-hundred day simple moving average of $39.68. 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 Inc. has a 12-month low of $29.64 and a 12-month high of $53.61. The firm has a market cap of $21.57 billion, a price-to-earnings ratio of -66.85, a PEG ratio of 1.03 and a beta of 1.73.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly 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 net margin of 5.63% and a negative return on equity of 30.06%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same period in the prior year, the business posted $0.12 earnings per share. The company's revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DKNG. Susquehanna reissued a "positive" rating and set a $64.00 target price on shares of DraftKings in a report on Friday, August 8th. Sanford C. Bernstein started coverage on shares of DraftKings in a report on Wednesday, June 4th. They issued an "outperform" rating and a $46.00 price target on the stock. Jefferies Financial Group set a $54.00 price target on shares of DraftKings in a report on Thursday, August 21st. Benchmark upped their price target on shares of DraftKings from $50.00 to $53.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Wall Street Zen raised shares of DraftKings from a "hold" rating to a "buy" rating in a report on Saturday. Twenty-four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $55.12.

Insider Activity at DraftKings

In other news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the sale, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction dated 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 sale, the director owned 402 shares of the company's stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 658,331 shares of company stock valued at $29,285,365 in the last quarter. 51.19% of the stock is currently owned by company insiders.

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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