DAVENPORT & Co LLC Acquires 26,849 Shares of DraftKings Inc. $DKNG

DAVENPORT & Co LLC raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 0.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,239,223 shares of the company’s stock after purchasing an additional 26,849 shares during the quarter. DAVENPORT & Co LLC’s holdings in DraftKings were worth $138,930,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. increased its stake in shares of DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after buying an additional 130,434 shares in the last quarter. Baillie Gifford & Co. increased its position in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings by 4.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock worth $235,746,000 after acquiring an additional 301,134 shares during the last quarter. Eminence Capital LP raised its stake in shares of DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after acquiring an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after purchasing an additional 4,486,488 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $35.37 on Monday. The firm has a market cap of $17.56 billion, a P/E ratio of -54.42, a PEG ratio of 0.93 and a beta of 1.99. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The firm’s 50 day moving average price is $44.25 and its two-hundred day moving average price is $39.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS 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 analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm’s quarterly revenue was up 36.9% on a year-over-year basis. During the same period last year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Activity at DraftKings

In related news, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the transaction, the insider directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the company’s 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 transaction, the director directly owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 658,331 shares of company stock valued at $29,285,365 over the last ninety days. Company insiders own 47.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on DKNG. JPMorgan Chase & Co. started coverage on shares of DraftKings in a report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price target for the company. BTIG Research lowered their target price on DraftKings from $53.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday. UBS Group cut their price target on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Citigroup reiterated a “neutral” rating on shares of DraftKings in a research report on Wednesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research report on Saturday, September 27th. Twenty-six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.89.

DraftKings Company Profile

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.