Veery Capital LLC increased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 16.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,313 shares of the company's stock after purchasing an additional 6,173 shares during the quarter. DraftKings accounts for about 0.7% of Veery Capital LLC's investment portfolio, making the stock its 23rd largest holding. Veery Capital LLC's holdings in DraftKings were worth $1,901,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its position in DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock worth $621,030,000 after buying an additional 130,434 shares during the period. Baillie Gifford & Co. increased its position in DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after buying an additional 1,756,778 shares during the period. Massachusetts Financial Services Co. MA increased its position in DraftKings by 4.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock worth $235,746,000 after buying an additional 301,134 shares during the period. Eminence Capital LP increased its position in DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after buying an additional 3,423,909 shares during the period. Finally, Whale Rock Capital Management LLC increased its position in DraftKings by 9.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 4,971,886 shares of the company's stock worth $184,954,000 after buying an additional 416,881 shares during the period. 37.70% of the stock is currently owned by institutional investors.
DraftKings Price Performance
NASDAQ:DKNG traded down $0.18 during mid-day trading on Friday, reaching $43.12. 2,829,214 shares of the stock were exchanged, compared to its average volume of 10,033,330. The business has a fifty day moving average price of $45.06 and a 200 day moving average price of $39.69. The firm has a market capitalization of $21.41 billion, a PE ratio of -66.48, a PEG ratio of 1.01 and a beta of 1.73. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. 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 (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) 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 analyst estimates of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.DraftKings's revenue was up 36.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. 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, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of the transaction, the insider owned 500,000 shares in the company, valued at $22,300,000. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares of the company's stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. 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 three months. Company insiders own 51.19% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Wall Street Zen lowered DraftKings from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Morgan Stanley reaffirmed an "overweight" rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Citigroup reaffirmed a "buy" rating on shares of DraftKings in a research report on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 target price on the stock. Finally, Truist Financial raised their price target on DraftKings from $50.00 to $55.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Twenty-four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $55.12.
Get Our Latest Stock Analysis on DraftKings
About DraftKings
(
Free Report)
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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