Institute for Wealth Management LLC. Decreases Position in DraftKings Inc. $DKNG

Institute for Wealth Management LLC. decreased its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 22,052 shares of the company’s stock after selling 755 shares during the quarter. Institute for Wealth Management LLC.’s holdings in DraftKings were worth $946,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brown Advisory Inc. boosted its holdings in DraftKings by 14.6% in the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after purchasing an additional 968 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in DraftKings by 9.3% in 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 purchased a new position in DraftKings in the first quarter valued at about $515,000. Allspring Global Investments Holdings LLC boosted its holdings in DraftKings by 18.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock valued at $90,558,000 after purchasing an additional 434,525 shares during the last quarter. Finally, Kentucky Retirement Systems purchased a new position in DraftKings in the first quarter valued at about $1,026,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the sale, the director owned 402 shares in the company, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 658,331 shares of company stock worth $29,285,365. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Down 6.0%

Shares of DraftKings stock opened at $35.16 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The business’s 50 day simple moving average is $44.62 and its 200-day simple moving average is $39.83. The stock has a market capitalization of $17.46 billion, a price-to-earnings ratio of -54.09, a PEG ratio of 0.89 and a beta of 1.99. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 36.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the subject of a number of analyst reports. Barclays reissued an “overweight” rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Stifel Nicolaus reduced their price target on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Benchmark increased their target price on DraftKings from $50.00 to $53.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Citigroup reaffirmed a “neutral” rating on shares of DraftKings in a report on Wednesday. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Twenty-six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.50.

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.