SVB Wealth LLC Has $2.03 Million Stock Holdings in DraftKings Inc. $DKNG

Key Points

• SVB Wealth LLC reduced its stake in DraftKings Inc. by 48.0%, resulting in holdings worth $2.03 million after selling 56,377 shares during the first quarter.
• DraftKings reported a quarterly revenue of $1.51 billion, surpassing analyst estimates of $1.39 billion, and achieved earnings per share of $0.30, beating expectations by $0.14.
• Insiders at DraftKings sold a total of 690,631 shares valued at approximately $28.83 million over the last 90 days, indicating significant insider selling activity.

SVB Wealth LLC lessened its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 48.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,135 shares of the company's stock after selling 56,377 shares during the period. SVB Wealth LLC's holdings in DraftKings were worth $2,030,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new stake in shares of DraftKings in the fourth quarter worth $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of DraftKings in the fourth quarter worth $28,000. FNY Investment Advisers LLC acquired a new stake in shares of DraftKings in the first quarter worth $26,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the first quarter worth $27,000. Finally, GPS Wealth Strategies Group LLC boosted its position in shares of DraftKings by 197.9% in 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 and hedge funds own 37.70% of the company's stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $47.18 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The business has a fifty day simple moving average of $43.26 and a 200 day simple moving average of $39.62. The firm has a market cap of $41.97 billion, a price-to-earnings ratio of -72.58, a P/E/G ratio of 1.12 and a beta of 1.70.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results 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 analyst estimates of $1.39 billion. During the same period last year, the company earned $0.12 earnings per share. The business's revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm's stock in a transaction that occurred 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 approximately $5,753,081.90. This trade represents a 25.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 158,331 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the completion of the transaction, the insider directly owned 504,381 shares in the company, valued at $19,670,859. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 690,631 shares of company stock valued at $28,830,492 over the last 90 days. 51.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on DKNG shares. Macquarie decreased their target price on DraftKings from $55.00 to $53.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $65.00 target price on shares of DraftKings in a research report on Friday, May 9th. Stifel Nicolaus cut their price objective on DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Guggenheim cut their price objective on DraftKings from $61.00 to $60.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Sanford C. Bernstein initiated coverage on DraftKings in a report on Wednesday, June 4th. They set an "outperform" rating and a $46.00 price objective for the company. Twenty-five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, DraftKings has a consensus 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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