Venture Visionary Partners LLC Has $2.28 Million Position in DraftKings Inc. $DKNG

Key Points

• Venture Visionary Partners LLC reduced its holdings in DraftKings by 76.3%, now owning 68,703 shares worth approximately $2.28 million.
• Other hedge funds have adjusted their positions in DraftKings, with institutional investors owning 37.70% of the company's stock.
• DraftKings reported earnings of $0.30 per share, exceeding expectations with revenue of $1.51 billion, up 36.9% year-over-year.

Venture Visionary Partners LLC reduced its holdings in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 76.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,703 shares of the company's stock after selling 221,445 shares during the quarter. Venture Visionary Partners LLC's holdings in DraftKings were worth $2,282,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Beacon Pointe Advisors LLC lifted its stake in DraftKings by 1.9% during the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company's stock worth $398,000 after purchasing an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV lifted its stake in DraftKings by 0.3% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company's stock worth $2,946,000 after purchasing an additional 217 shares during the period. Brooklyn Investment Group lifted its stake in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock worth $132,000 after purchasing an additional 270 shares during the period. Snowden Capital Advisors LLC lifted its stake in DraftKings by 3.5% during the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company's stock worth $325,000 after purchasing an additional 296 shares during the period. Finally, Obermeyer Wealth Partners lifted its stake in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock worth $297,000 after purchasing an additional 297 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $45.02 on Wednesday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $40.04 billion, a P/E ratio of -69.26, a P/E/G ratio of 1.08 and a beta of 1.70. The firm has a 50 day simple moving average of $42.73 and a 200 day simple moving average of $39.52. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion during 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%. DraftKings's revenue for the quarter was up 36.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 4,861 shares of the firm's 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 sale, the director owned 1,461 shares of the company's stock, valued at $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of the firm's 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 sale, the insider directly owned 500,000 shares of the company's stock, valued at approximately $22,300,000. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 645,938 shares of company stock worth $26,823,776. 47.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DKNG. Wall Street Zen upgraded shares of DraftKings from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. JPMorgan Chase & Co. started coverage on shares of DraftKings in a report on Monday, June 23rd. They set an "overweight" rating and a $50.00 price objective for the company. Truist Financial raised their price objective on shares of DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Bank of America dropped their price objective on shares of DraftKings from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Stifel Nicolaus dropped their price objective on shares of DraftKings from $53.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, DraftKings currently has an average rating of "Moderate Buy" and a consensus 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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