TD Asset Management Inc Lowers Stock Holdings in DraftKings Inc. $DKNG

TD Asset Management Inc lowered its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,519,225 shares of the company’s stock after selling 106,689 shares during the period. TD Asset Management Inc’s holdings in DraftKings were worth $65,160,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Farther Finance Advisors LLC grew its position in shares of DraftKings by 26.1% during the 1st quarter. Farther Finance Advisors LLC now owns 3,127 shares of the company’s stock valued at $104,000 after purchasing an additional 647 shares in the last quarter. GAMMA Investing LLC boosted its stake in DraftKings by 57.1% during the first quarter. GAMMA Investing LLC now owns 1,474 shares of the company’s stock valued at $49,000 after buying an additional 536 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in DraftKings by 272.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 116,888 shares of the company’s stock worth $3,882,000 after buying an additional 85,529 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in DraftKings by 2.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 259,719 shares of the company’s stock worth $8,625,000 after acquiring an additional 6,853 shares during the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of DraftKings by 11.4% in the 1st quarter. QRG Capital Management Inc. now owns 71,612 shares of the company’s stock valued at $2,378,000 after acquiring an additional 7,340 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 3.3%

Shares of DKNG opened at $35.50 on Thursday. The firm has a market cap of $17.62 billion, a price-to-earnings ratio of -54.62, a PEG ratio of 0.73 and a beta of 1.99. 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 fifty-two week low of $29.64 and a fifty-two week high of $53.61. The firm has a 50 day moving average price of $42.56 and a 200-day moving average price of $39.57.

DraftKings (NASDAQ:DKNG) last released its earnings results 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 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, Director Ryan R. Moore sold 76,390 shares of the business’s stock in a transaction dated 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 completion of the sale, the director owned 402 shares of the company’s stock, valued at approximately $18,459.84. The trade was a 99.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the sale, the insider owned 500,000 shares of the company’s stock, valued at $22,300,000. This represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 658,331 shares of company stock valued at $29,285,365. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Susquehanna cut their price target on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating for the company in a research note on Tuesday. Morgan Stanley reissued an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Wall Street Zen downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Finally, Oppenheimer cut their target price on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $53.00.

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.