Sumitomo Mitsui Trust Group Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 27.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,156,404 shares of the company's stock after selling 1,214,499 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.64% of DraftKings worth $68,241,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company's stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares during the last quarter. Waycross Partners LLC acquired a new position in shares of DraftKings during the 4th quarter worth about $2,584,000. DAVENPORT & Co LLC increased its stake in shares of DraftKings by 11.2% in the 4th quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company's stock valued at $119,602,000 after acquiring an additional 348,333 shares during the last quarter. Stableford Capital II LLC bought a new stake in shares of DraftKings in the 4th quarter valued at about $2,476,000. Finally, Nordea Investment Management AB raised its position in shares of DraftKings by 208.8% in the 4th quarter. Nordea Investment Management AB now owns 1,300,308 shares of the company's stock valued at $45,329,000 after acquiring an additional 879,181 shares during the period. Institutional investors own 37.70% of the company's stock.
More DraftKings News
Here are the key news stories impacting DraftKings this week:
- Positive Sentiment: TD Cowen raised its price target on DraftKings to $35 from $30 and reiterated a Buy rating, signaling confidence in roughly 32% upside from current levels. Article Title
- Positive Sentiment: DraftKings announced it will launch its online sportsbook and casino in Alberta on July 13, expanding its North American footprint into its second Canadian province and 34th jurisdiction overall. Article Title
- Positive Sentiment: Michael Burry disclosed a stake in DraftKings, saying he bought shares around $26 and betting that competition from prediction markets will face tighter regulation over time, which helped fuel interest in beaten-down sportsbook stocks. Article Title
- Positive Sentiment: Analysts remain broadly constructive, with a consensus price target near $34.30 and the majority of ratings still at Buy, suggesting Wall Street sees meaningful upside if sentiment improves. Article Title
- Neutral Sentiment: Recent commentary highlighted conflicting analyst views and technical pressure, reflecting ongoing uncertainty about whether DKNG can stabilize after a sharp multi-month pullback. Article Title
- Negative Sentiment: A recent Yahoo Finance article warned of “3 Reasons to Sell DKNG”, reinforcing bearish sentiment after a difficult six months for the stock. Article Title
- Negative Sentiment: Another report noted DraftKings declined even as the broader market rose, underscoring investor concern that the stock remains vulnerable to sector competition and momentum weakness. Article Title
Insider Activity at DraftKings
In related news, Director Woodrow Levin sold 34,234 shares of the firm's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,596 shares of company stock valued at $2,756,991 in the last quarter. Corporate insiders own 47.18% of the company's stock.
Analysts Set New Price Targets
DKNG has been the topic of several recent analyst reports. HSBC raised shares of DraftKings from a "hold" rating to a "hold" rating in a research note on Friday, April 24th. Sanford C. Bernstein reiterated an "outperform" rating on shares of DraftKings in a report on Thursday, June 11th. Morgan Stanley reissued an "overweight" rating on shares of DraftKings in a research report on Thursday, May 21st. Benchmark reissued a "buy" rating on shares of DraftKings in a report on Monday, June 22nd. Finally, Argus lowered shares of DraftKings from a "buy" rating to a "hold" rating in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.46.
Check Out Our Latest Report on DKNG
DraftKings Stock Up 0.7%
Shares of DKNG traded up $0.19 on Friday, hitting $26.48. The company's stock had a trading volume of 7,706,396 shares, compared to its average volume of 10,361,102. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The firm's fifty day moving average price is $25.72 and its 200-day moving average price is $26.48. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The firm has a market capitalization of $13.14 billion, a price-to-earnings ratio of 441.33 and a beta of 1.65.
DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The business's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.07) earnings per share. On average, equities research analysts expect that DraftKings Inc. will post 0.59 EPS for the current year.
DraftKings Company Profile
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Free Report)
DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings' proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.
Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.
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