DraftKings Inc. $DKNG Stock Holdings Trimmed by Scholtz & Company LLC

Scholtz & Company LLC lowered its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,277 shares of the company’s stock after selling 779 shares during the period. DraftKings makes up 1.3% of Scholtz & Company LLC’s holdings, making the stock its 27th largest position. Scholtz & Company LLC’s holdings in DraftKings were worth $3,014,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of Jackson Hole Trust bought a new stake in DraftKings during the 1st quarter valued at $31,000. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares in the last quarter. Summit Securities Group LLC grew its holdings in DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after acquiring an additional 810 shares during the period. Ameritas Advisory Services LLC acquired a new position in DraftKings during the second quarter worth about $48,000. Finally, GAMMA Investing LLC raised its position in DraftKings by 57.1% in the first quarter. GAMMA Investing LLC now owns 1,474 shares of the company’s stock worth $49,000 after acquiring an additional 536 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on DKNG. Oppenheimer cut their price target on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Jefferies Financial Group set a $52.00 target price on shares of DraftKings in a research note on Monday, October 6th. Barclays restated an “overweight” rating and set a $54.00 target price (up from $51.00) on shares of DraftKings in a report on Friday, August 8th. Northland Capmk cut DraftKings from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, October 1st. Finally, Wall Street Zen downgraded DraftKings from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Twenty-seven analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.79.

DraftKings Trading Down 1.7%

NASDAQ:DKNG opened at $30.14 on Friday. The company has a quick ratio of 1.34, a current 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 firm has a market capitalization of $14.96 billion, a price-to-earnings ratio of -46.37, a price-to-earnings-growth ratio of 0.96 and a beta of 1.99. The stock has a fifty day simple moving average of $40.07 and a 200 day simple moving average of $39.57.

DraftKings (NASDAQ:DKNG) last released its quarterly 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 business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the company posted $0.12 EPS. DraftKings’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 forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the sale, the insider directly owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the sale, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 605,554 shares of company stock worth $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.