Cwm LLC Boosts Stock Position in DraftKings Inc. $DKNG

Cwm LLC increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 35.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 183,230 shares of the company’s stock after buying an additional 47,875 shares during the period. Cwm LLC’s holdings in DraftKings were worth $7,859,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Brown Advisory Inc. raised its position in shares of DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock valued at $252,000 after buying an additional 968 shares in the last quarter. IFM Investors Pty Ltd increased its stake in DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock worth $2,781,000 after acquiring an additional 7,147 shares during the last quarter. Capital Investment Advisory Services LLC purchased a new stake in DraftKings during the first quarter valued at approximately $515,000. Allspring Global Investments Holdings LLC lifted its stake 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 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 shares of DraftKings in the 1st quarter worth approximately $1,026,000. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director owned 402 shares of the company’s stock, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at $5,753,081.90. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 658,331 shares of company stock worth $29,285,365 over the last ninety days. Corporate insiders own 47.08% of the company’s stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $34.36 on Wednesday. The stock’s fifty day moving average is $42.76 and its two-hundred day moving average is $39.59. The company has a market capitalization of $17.06 billion, a PE ratio of -52.86, a price-to-earnings-growth ratio of 0.72 and a beta of 1.99. 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 Inc. has a 52 week low of $29.64 and a 52 week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.DraftKings’s quarterly revenue was up 36.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DKNG. Benchmark decreased their price target on DraftKings from $53.00 to $43.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. JPMorgan Chase & Co. began coverage on DraftKings in a report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price target on the stock. Berenberg Bank set a $43.00 price target on DraftKings and gave the company a “buy” rating in a report on Thursday, October 9th. Citigroup restated a “neutral” rating on shares of DraftKings in a report on Wednesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 price target on DraftKings and gave the company a “hold” rating in a report on Friday, August 8th. Twenty-seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

DraftKings 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.