Kornitzer Capital Management Inc. KS Sells 77,933 Shares of DraftKings Inc. $DKNG

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 148,504 shares of the company’s stock after selling 77,933 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in DraftKings were worth $6,369,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. T. Rowe Price Investment Management Inc. boosted its holdings in shares of DraftKings by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after buying an additional 130,434 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after purchasing an additional 1,756,778 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of DraftKings by 4.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock valued at $235,746,000 after purchasing an additional 301,134 shares during the last quarter. Eminence Capital LP increased its position in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after purchasing an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of DraftKings by 2,138.9% during the 1st 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 last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $33.00 on Friday. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of -50.77, a P/E/G ratio of 0.82 and a beta of 1.99. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61. The stock’s 50-day moving average is $41.22 and its 200 day moving average is $39.68.

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. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the transaction, the director directly owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total value of $4,707,708.40. Following the transaction, the insider directly owned 500,000 shares in the company, valued at $22,300,000. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 605,554 shares of company stock worth $26,515,100. 51.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of several research analyst reports. Wall Street Zen lowered DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Morgan Stanley reissued an “overweight” rating and issued a $52.00 price objective (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. UBS Group decreased their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Barclays restated an “overweight” rating and issued a $54.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Finally, Mizuho cut their target price on DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a research note on Tuesday, October 7th. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.83.

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.