6,605 Shares in DraftKings Inc. $DKNG Bought by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC has purchased 6,605 shares of DraftKings Inc., valued at approximately $219,000, during the 1st quarter, indicating growing institutional interest in the company.
• DraftKings has reported a positive quarterly earnings performance with a revenue increase of 36.9% year-over-year, alongside a net EPS of $0.30, surpassing analyst expectations.
• Currently, DraftKings has a market cap of $40.84 billion and is rated as a "Moderate Buy" by analysts, with a consensus price target of $55.12.

Teza Capital Management LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,605 shares of the company's stock, valued at approximately $219,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DKNG. AQR Capital Management LLC raised its stake in DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock valued at $155,962,000 after acquiring an additional 4,486,488 shares during the period. Eminence Capital LP grew its holdings in DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock valued at $171,964,000 after buying an additional 3,423,909 shares in the last quarter. Nuveen LLC purchased a new position in DraftKings during the 1st quarter valued at about $107,739,000. AGF Management Ltd. purchased a new position in DraftKings during the 1st quarter valued at about $83,622,000. Finally, Baillie Gifford & Co. grew its holdings in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock valued at $278,640,000 after buying an additional 1,756,778 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Price Performance

NASDAQ:DKNG traded down $1.89 during mid-day trading on Friday, reaching $43.98. The stock had a trading volume of 14,178,578 shares, compared to its average volume of 7,013,889. The firm has a 50 day moving average price of $45.03 and a two-hundred day moving average price of $39.69. The stock has a market capitalization of $21.83 billion, a P/E ratio of -67.66, a P/E/G ratio of 1.09 and a beta of 1.73. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced 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 firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business's revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 target price for the company. Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Benchmark lifted their target price on DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a "hold" rating in a report on Friday, August 8th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $52.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Twenty-four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $55.12.

Insider Transactions at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director owned 402 shares of the company's stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 816,662 shares of company stock valued at $35,460,274. Insiders own 51.19% of the company's stock.

About DraftKings

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.