Sunpointe LLC Invests $640,000 in DraftKings Inc. $DKNG

Key Points

• Sunpointe LLC has acquired a new stake in DraftKings Inc. worth approximately $640,000, purchasing 14,911 shares.
• Insider R Stanton Dodge sold over 105,000 shares at an average price of $47.37, resulting in a decrease of 17.09% in ownership.
• DraftKings reported a revenue of $1.51 billion for the last quarter, surpassing analysts' expectations and reflecting a 36.9% increase year-over-year.

Sunpointe LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,911 shares of the company's stock, valued at approximately $640,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in DKNG. Raiffeisen Bank International AG bought a new stake in shares of DraftKings during the fourth quarter worth $25,000. FNY Investment Advisers LLC bought a new stake in shares of DraftKings in the first quarter worth about $26,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of DraftKings during the first quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of DraftKings during the fourth quarter worth about $28,000. Finally, GPS Wealth Strategies Group LLC boosted its position in shares of DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 564 shares during the period. Institutional investors own 37.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on DKNG shares. Truist Financial increased their price target on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Susquehanna reissued a "positive" rating and set a $64.00 price target on shares of DraftKings in a research report on Friday, August 8th. Stifel Nicolaus reduced their price target on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Barclays reissued an "overweight" rating and set a $54.00 price target (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Finally, Benchmark increased their price target on DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Twenty-four equities research 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 a consensus rating of "Moderate Buy" and a consensus price target of $55.12.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the transaction, the director directly owned 1,461 shares of the company's stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director directly owned 402 shares in the company, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 658,331 shares of company stock worth $29,285,365 over the last 90 days. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of DKNG stock traded up $0.15 during trading hours on Friday, reaching $43.45. The company's stock had a trading volume of 9,090,861 shares, compared to its average volume of 7,302,942. 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 fifty-two week low of $29.64 and a fifty-two week high of $53.61. The company has a market capitalization of $21.57 billion, a price-to-earnings ratio of -66.85, a PEG ratio of 1.03 and a beta of 1.73. The firm's 50 day simple moving average is $45.07 and its 200-day simple moving average is $39.68.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the business posted $0.12 EPS. DraftKings's revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current 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.