US Bancorp DE Acquires 25,052 Shares of DraftKings Inc. $DKNG

Key Points

• US Bancorp DE increased its stake in DraftKings Inc. by 2.8%, acquiring an additional 25,052 shares, bringing its total holdings to approximately 923,552 shares valued at about $39.6 million.
• Analysts have mixed ratings on DraftKings, with a consensus price target of $53.28 and significant revisions in targets from $58 to $45 by various firms.
• DraftKings reported a quarterly revenue of $1.51 billion, surpassing analyst estimates of $1.39 billion, and has set FY 2025 guidance with an expected earnings per share of $0.64.

US Bancorp DE grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 2.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 923,552 shares of the company's stock after buying an additional 25,052 shares during the quarter. US Bancorp DE owned approximately 0.10% of DraftKings worth $39,611,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in shares of 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 purchasing an additional 4,486,488 shares during the period. Eminence Capital LP grew its stake in DraftKings by 195.2% in 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 during the last quarter. Nuveen LLC acquired a new position in DraftKings in the 1st quarter valued at about $107,739,000. AGF Management Ltd. acquired a new position in DraftKings in the 1st quarter valued at about $83,622,000. Finally, Baillie Gifford & Co. grew its stake in DraftKings by 26.5% in 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 during the last quarter. 37.70% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. UBS Group decreased their price target on shares of DraftKings from $58.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday, September 24th. BTIG Research dropped their price target on shares of DraftKings from $53.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, October 2nd. Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a research report on Monday. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a "hold" rating in a research report on Friday, August 8th. Finally, Northland Capmk downgraded shares of DraftKings from a "strong-buy" rating to a "strong sell" rating in a research report on Wednesday, October 1st. Twenty-seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, DraftKings presently has an average rating of "Moderate Buy" and a consensus price target of $53.28.

DraftKings Stock Performance

NASDAQ DKNG opened at $35.20 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. The firm has a market capitalization of $17.48 billion, a price-to-earnings ratio of -54.15, a P/E/G ratio of 0.72 and a beta of 1.99. The firm's 50 day simple moving average is $43.42 and its 200 day simple moving average is $39.65. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm's revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter last year, the business posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares of the company's stock, valued at $63,129.81. This represents a 76.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the transaction, the insider directly owned 500,000 shares of the company's stock, valued at approximately $22,300,000. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 658,331 shares of company stock worth $29,285,365 over the last 90 days. Insiders own 51.19% of the company's stock.

DraftKings Company 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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