Whetstone Capital Advisors LLC Acquires 32,791 Shares of DraftKings Inc. $DKNG

Key Points

• Whetstone Capital Advisors LLC increased its stake in DraftKings Inc. by 26% during Q1, acquiring an additional 32,791 shares, bringing its total holdings to 158,864 shares worth approximately $5.28 million.
• DraftKings reported earnings per share of $0.30 for the last quarter, exceeding analysts' expectations of $0.16, with revenues reaching $1.51 billion, representing a year-over-year increase of 36.9%.
• Analysts have given DraftKings a consensus rating of Moderate Buy, with an average price target of $54.50, indicating positive outlooks despite some recent reductions in price targets by various firms.

Whetstone Capital Advisors LLC grew its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 26.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 158,864 shares of the company's stock after purchasing an additional 32,791 shares during the quarter. DraftKings makes up about 2.3% of Whetstone Capital Advisors LLC's portfolio, making the stock its 16th largest position. Whetstone Capital Advisors LLC's holdings in DraftKings were worth $5,276,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DKNG. Brown Advisory Inc. increased its holdings in DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company's stock worth $252,000 after buying an additional 968 shares during the last quarter. IFM Investors Pty Ltd lifted its position in DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company's stock valued at $2,781,000 after purchasing an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC bought a new stake in shares of DraftKings in the 1st quarter worth approximately $515,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of DraftKings by 18.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company's stock worth $90,558,000 after acquiring an additional 434,525 shares during the last quarter. Finally, Kentucky Retirement Systems bought a new stake in shares of DraftKings in the 1st quarter worth approximately $1,026,000. 37.70% of the stock is owned by institutional investors.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $45.65 on Thursday. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The stock has a market capitalization of $40.60 billion, a price-to-earnings ratio of -70.23, a PEG ratio of 1.07 and a beta of 1.70. 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's 50 day simple moving average is $42.89 and its 200-day simple moving average is $39.57.

DraftKings (NASDAQ:DKNG - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating 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%.The business's revenue was up 36.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analysts Set New Price Targets

DKNG has been the subject of several research reports. TD Securities decreased their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Cowen reiterated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Mizuho decreased their target price on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Susquehanna reiterated a "positive" rating and set a $64.00 price objective on shares of DraftKings in a research report on Friday, August 8th. Finally, Barclays reissued an "overweight" rating and issued a $54.00 target price (up from $51.00) on shares of DraftKings in a report on Friday, August 8th. Twenty-five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $54.50.

Insider Transactions at DraftKings

In related news, CFO Alan Wayne Ellingson sold 5,725 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $43.53, for a total transaction of $249,209.25. Following the completion of the sale, the chief financial officer directly owned 172,824 shares of the company's stock, valued at approximately $7,523,028.72. This trade represents a 3.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 645,938 shares of company stock worth $26,823,776. Company insiders own 51.19% of the company's stock.

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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