waypoint wealth counsel Takes $333,000 Position in DraftKings Inc. $DKNG

Key Points

• Waypoint Wealth Counsel acquired a new position in DraftKings Inc. worth approximately $333,000, purchasing 7,774 shares in the second quarter.
• DraftKings reported a revenue of $1.51 billion for the last quarter, exceeding analysts' expectations by approximately $120 million.
• Analysts have a consensus target price of $53.28 for DraftKings stock, with a majority rating it as a "Moderate Buy."

waypoint wealth counsel purchased a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,774 shares of the company's stock, valued at approximately $333,000.

Several other institutional investors have also recently bought and sold shares of DKNG. FNY Investment Advisers LLC bought a new position in DraftKings in the 1st quarter worth $26,000. Smallwood Wealth Investment Management LLC bought a new position in shares of DraftKings in the first quarter worth about $27,000. GPS Wealth Strategies Group LLC increased its stake in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company's stock worth $28,000 after purchasing an additional 564 shares during the period. Bank of Jackson Hole Trust bought a new position in DraftKings in the 1st quarter worth approximately $31,000. Finally, TD Private Client Wealth LLC increased its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock worth $34,000 after buying an additional 282 shares during the period. Institutional investors own 37.70% of the company's stock.

DraftKings Stock Performance

NASDAQ DKNG opened at $32.69 on Friday. The stock has a market cap of $16.23 billion, a P/E ratio of -50.29, a PEG ratio of 0.70 and a beta of 1.99. The company's 50-day simple moving average is $43.20 and its 200 day simple moving average is $39.63. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. 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 (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, beating analysts' consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The firm's revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent analyst reports. Benchmark dropped their price target on DraftKings from $53.00 to $43.00 and set a "buy" rating on the stock in a research report on Thursday, October 2nd. Mizuho dropped their target price on shares of DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 7th. Barclays restated an "overweight" rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Oppenheimer dropped their price objective on shares of DraftKings from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, October 1st. Finally, Jefferies Financial Group set a $52.00 price target on DraftKings in a research note on Monday, October 6th. Twenty-seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, DraftKings has an average rating of "Moderate Buy" and a consensus target price of $53.28.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the company's stock in a transaction dated 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 sale, the chief financial officer owned 128,131 shares of the company's stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the sale, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 658,331 shares of company stock valued at $29,285,365. 51.19% of the stock is owned by 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.

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