Robbins Farley Has $107,000 Stock Position in DraftKings Inc. $DKNG

Robbins Farley trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 94.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,496 shares of the company’s stock after selling 43,920 shares during the quarter. Robbins Farley’s holdings in DraftKings were worth $107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brown Advisory Inc. lifted its position in DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after buying an additional 968 shares in the last quarter. IFM Investors Pty Ltd lifted its position in DraftKings by 9.3% in the 1st quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock worth $2,781,000 after buying an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new stake in DraftKings in the 1st quarter worth approximately $515,000. Allspring Global Investments Holdings LLC lifted its position in 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 buying an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems purchased a new stake in DraftKings in the 1st quarter worth approximately $1,026,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 658,331 shares of company stock valued at $29,285,365. 47.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DKNG. Sanford C. Bernstein began coverage on shares of DraftKings in a research report on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 target price for the company. Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Finally, Citigroup reaffirmed a “buy” rating on shares of DraftKings in a research report on Friday, July 11th. Twenty-five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.15.

DraftKings Price Performance

Shares of DKNG opened at $42.31 on Tuesday. The firm has a market cap of $21.01 billion, a PE ratio of -65.09, a PEG ratio of 1.00 and a beta of 1.73. The firm’s 50 day moving average price is $44.96 and its 200 day moving average price is $39.88. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

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.