DraftKings Inc. $DKNG Shares Sold by Vestmark Advisory Solutions Inc.

Key Points

• Vestmark Advisory Solutions Inc. reduced its holdings in DraftKings Inc. by 33.4%, owning 80,432 shares valued at approximately $2.67 million as of the latest SEC filing.
• DraftKings reported strong quarterly earnings with a 30 cents per share profit, surpassing estimates, and achieved revenue of $1.51 billion—a 36.9% year-over-year increase.
• Insider trading activity has been significant, with key insiders selling a total of 645,938 shares worth approximately $26.8 million over the last 90 days.

Vestmark Advisory Solutions Inc. decreased its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 33.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 80,432 shares of the company's stock after selling 40,252 shares during the quarter. Vestmark Advisory Solutions Inc.'s holdings in DraftKings were worth $2,671,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Raiffeisen Bank International AG acquired a new position in DraftKings during the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new position in DraftKings during the first quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC acquired a new position in DraftKings during the first quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in DraftKings during the fourth quarter worth approximately $28,000. Finally, GPS Wealth Strategies Group LLC increased its position in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 564 shares during the period. Hedge funds and other institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

Shares of DraftKings stock traded down $0.68 during trading on Tuesday, reaching $45.02. The company's stock had a trading volume of 10,683,490 shares, compared to its average volume of 10,405,835. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61. The company has a market capitalization of $40.04 billion, a P/E ratio of -69.26, a price-to-earnings-growth ratio of 1.07 and a beta of 1.70. The business has a 50 day moving average price of $42.58 and a 200-day moving average price of $39.49.

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

Wall Street Analyst Weigh In

DKNG has been the topic of several research analyst reports. Mizuho cut their price target on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. JMP Securities cut their price target on DraftKings from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Thursday, June 5th. Needham & Company LLC reissued a "buy" rating and issued a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. Northland Securities set a $50.00 target price on DraftKings in a report on Friday, April 25th. Finally, Barclays reissued an "overweight" rating and issued a $54.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, DraftKings currently has a consensus rating of "Moderate Buy" and an average target price of $54.50.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the sale, the director directly owned 1,461 shares in the company, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at approximately $22,300,000. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 645,938 shares of company stock valued at $26,823,776 in the last three months. 47.08% of the stock is owned by corporate insiders.

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.