NorthRock Partners LLC Makes New Investment in DraftKings Inc. $DKNG

NorthRock Partners LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,120 shares of the company’s stock, valued at approximately $348,000.

Other large investors have also added to or reduced their stakes in the company. TD Private Client Wealth LLC grew its position in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Smallwood Wealth Investment Management LLC bought a new stake in DraftKings in the 1st quarter worth approximately $27,000. Bank of Jackson Hole Trust bought a new stake in DraftKings in the 1st quarter worth approximately $31,000. Summit Securities Group LLC grew its position in DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in DraftKings in the 2nd quarter worth approximately $48,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 0.9%

DKNG opened at $35.19 on Friday. 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’s fifty day moving average is $42.36 and its 200 day moving average is $39.58. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of -54.14, a price-to-earnings-growth ratio of 0.89 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share 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 analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the company earned $0.12 EPS. DraftKings’s revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Berenberg Bank set a $43.00 price target on shares of DraftKings and gave the stock a “buy” rating in a research note on Thursday, October 9th. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research note on Wednesday, October 8th. Citigroup reiterated a “neutral” rating on shares of DraftKings in a research note on Wednesday, October 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Twenty-seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the sale, the director directly owned 1,461 shares in the company, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. The sale 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 DraftKings stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the sale, the insider owned 500,000 shares in the company, valued at approximately $22,300,000. This represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 552,777 shares of company stock worth $24,690,599 in the last 90 days. Company insiders own 51.19% of the company’s stock.

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.