GLOBALT Investments LLC GA Has $863,000 Stock Holdings in DraftKings Inc. $DKNG

GLOBALT Investments LLC GA grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 44.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,113 shares of the company’s stock after buying an additional 6,142 shares during the period. GLOBALT Investments LLC GA’s holdings in DraftKings were worth $863,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in DKNG. Brooklyn Investment Group grew its stake in DraftKings by 7.3% during the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after purchasing an additional 270 shares during the period. TD Private Client Wealth LLC boosted its holdings in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after acquiring an additional 282 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares in the last quarter. Obermeyer Wealth Partners boosted its holdings in DraftKings by 3.4% in the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after acquiring an additional 297 shares in the last quarter. Finally, Stevens Capital Management LP boosted its holdings in DraftKings by 3.7% in the first quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock worth $299,000 after acquiring an additional 319 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Down 4.9%

DKNG stock opened at $33.00 on Friday. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The stock’s 50 day moving average is $41.22 and its 200-day moving average is $39.63. The firm has a market capitalization of $16.38 billion, a PE ratio of -50.77, a P/E/G ratio of 0.87 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last posted 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 return on equity of 30.06% and a negative net margin of 5.63%.The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the company earned $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. Sell-side analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on DKNG shares. Berenberg Bank set a $43.00 price target on DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Truist Financial cut their price target on DraftKings from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday. UBS Group cut their price target on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. Benchmark reiterated a “buy” rating on shares of DraftKings in a report on Wednesday. Finally, Jefferies Financial Group set a $52.00 price target on DraftKings in a report on Monday, October 6th. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $52.83.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 directly owned 500,000 shares of the company’s stock, valued at approximately $22,300,000. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the sale, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 605,554 shares of company stock valued at $26,515,100. 51.19% of the stock is currently owned by company insiders.

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.