Triumph Capital Management Buys New Holdings in DraftKings Inc. $DKNG

Key Points

• Triumph Capital Management acquired a new stake in DraftKings, purchasing 11,431 shares valued at approximately $490,000 in the second quarter.
• Institutional ownership has reached **37.70%**, with significant increases from hedge funds such as AQR Capital Management, which raised its position by **over 2,138%** this year.
• DraftKings recently reported earnings of $0.30 per share, exceeding analysts' expectations and indicating a **36.9% increase in revenue** year-over-year, contributing to an average rating of **"Moderate Buy"** among analysts.

Triumph Capital Management bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 11,431 shares of the company's stock, valued at approximately $490,000.

Other hedge funds have also bought and sold shares of the company. AQR Capital Management LLC lifted its position in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after acquiring an additional 4,486,488 shares during the last quarter. Eminence Capital LP lifted its position in DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after acquiring an additional 3,423,909 shares during the last quarter. Nuveen LLC acquired a new stake in DraftKings during the first quarter worth approximately $107,739,000. AGF Management Ltd. acquired a new stake in DraftKings during the first quarter worth approximately $83,622,000. Finally, Baillie Gifford & Co. lifted its position in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after acquiring an additional 1,756,778 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DKNG has been the subject of several research reports. Citigroup restated a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. Wall Street Zen downgraded shares of DraftKings from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. JMP Securities cut their price objective on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Benchmark lifted their price target on shares of DraftKings from $50.00 to $53.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Truist Financial lifted their price target on shares of DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Twenty-four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, DraftKings presently has an average rating of "Moderate Buy" and an average target price of $55.12.

DraftKings Stock Performance

NASDAQ DKNG opened at $42.88 on Wednesday. The firm's fifty day moving average price is $45.09 and its two-hundred day moving average price is $39.66. The stock has a market cap of $21.29 billion, a PE ratio of -65.97, a PEG ratio of 1.02 and a beta of 1.73. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week 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 posted its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.14. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company's revenue was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In other news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the transaction, the director owned 1,461 shares in the company, valued at approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction on 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 transaction, the director owned 402 shares in the company, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 658,331 shares of company stock valued at $29,285,365 in the last quarter. Insiders own 47.08% 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.

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