Signature Estate & Investment Advisors LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,149 shares of the company’s stock, valued at approximately $221,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $27,000. Bank of Jackson Hole Trust acquired a new stake in shares of DraftKings in the first quarter valued at about $31,000. TD Private Client Wealth LLC grew its position in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the period. Summit Securities Group LLC grew its position in shares of DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of DraftKings in the second quarter valued at about $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.
Insiders Place Their Bets
In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the sale, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the completion of the transaction, the insider owned 512,181 shares of the company’s stock, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 552,777 shares of company stock worth $24,690,599. Insiders own 47.08% of the company’s stock.
DraftKings Stock Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the firm posted $0.12 earnings per share. The company’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.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on DKNG. Stifel Nicolaus dropped their target price on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Mizuho dropped their target price on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Morgan Stanley reiterated an “overweight” rating and issued a $52.00 target price (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Benchmark decreased their price target on shares of DraftKings from $53.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, October 2nd. Finally, Truist Financial decreased their price target on shares of DraftKings from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday. Twenty-seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.83.
Check Out Our Latest Research Report on DKNG
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.
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