Darden Wealth Group Inc Buys New Position in DraftKings Inc. $DKNG

Darden Wealth Group Inc acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 4,860 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds have also recently added to or reduced their stakes in DKNG. Brooklyn Investment Group raised its holdings in DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after buying an additional 270 shares during the last quarter. TD Private Client Wealth LLC increased its stake 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 worth $34,000 after purchasing an additional 282 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after acquiring an additional 286 shares during the last quarter. Obermeyer Wealth Partners lifted its position in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock valued at $297,000 after purchasing an additional 297 shares during the last quarter. Finally, Stevens Capital Management LP increased its position in DraftKings by 3.7% during the first quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock valued at $299,000 after acquiring an additional 319 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 4.9%

NASDAQ:DKNG opened at $33.00 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The business’s 50-day moving average is $41.22 and its two-hundred day moving average is $39.68. The firm has a market capitalization of $16.38 billion, a PE ratio of -50.77, a price-to-earnings-growth ratio of 0.82 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 (EPS) 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%.The firm’s quarterly revenue was up 36.9% compared to the same quarter last year. During the same period last year, the business posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on DKNG. Jefferies Financial Group set a $52.00 price objective on DraftKings in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Benchmark reissued a “buy” rating on shares of DraftKings in a research note on Wednesday. JMP Securities cut their price objective on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Finally, Wall Street Zen downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Twenty-seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Friday, October 17th. The stock was sold at an average price of $34.57, for a total transaction of $1,824,500.89. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $17,285,000. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer owned 128,131 shares in the company, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 605,554 shares of company stock valued at $26,515,100 over the last three months. 51.19% of the stock is owned by insiders.

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.