4,850 Shares in DraftKings Inc. $DKNG Purchased by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,850 shares of the company’s stock, valued at approximately $215,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in shares of DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after purchasing an additional 4,486,488 shares during the period. Eminence Capital LP grew its stake in DraftKings by 195.2% in the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after buying an additional 3,423,909 shares in the last quarter. Nuveen LLC bought a new stake in DraftKings during the 1st quarter valued at $107,739,000. AGF Management Ltd. purchased a new stake in shares of DraftKings during the first quarter worth $83,622,000. Finally, Baillie Gifford & Co. lifted its position in shares of DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Truist Financial boosted their price objective on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a “hold” rating in a report on Friday, August 8th. Wall Street Zen downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Barclays reaffirmed an “overweight” rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Finally, UBS Group decreased their target price on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. Twenty-seven investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Transactions at DraftKings

In other news, Director Jocelyn Moore sold 4,861 shares of the company’s 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 completion of the sale, the director owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. This represents a 76.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 552,777 shares of company stock worth $24,690,599. Corporate insiders own 47.08% of the company’s stock.

DraftKings Price Performance

DKNG opened at $33.60 on Tuesday. 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 stock has a market capitalization of $16.68 billion, a P/E ratio of -51.69, a PEG ratio of 0.85 and a beta of 1.99. The stock has a 50-day moving average price of $42.00 and a 200-day moving average price of $39.69. DraftKings Inc. has a 12-month low of $29.64 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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. The company 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%.DraftKings’s revenue for the quarter was up 36.9% compared to the same quarter last year. During the same period last year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

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.