102,336 Shares in DraftKings Inc. $DKNG Bought by Midwest Trust Co

Midwest Trust Co bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, Holdings Channel reports. The institutional investor bought 102,336 shares of the company’s stock, valued at approximately $4,389,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Brown Advisory Inc. increased its position in DraftKings by 14.6% during the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after purchasing an additional 968 shares during the period. Helios Capital Management PTE. Ltd. lifted its holdings in shares of DraftKings by 926.0% in the 2nd quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock valued at $4,889,000 after buying an additional 102,889 shares during the period. Claro Advisors LLC boosted its stake in shares of DraftKings by 121.4% in the second quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock valued at $1,712,000 after buying an additional 21,890 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new position in DraftKings during the second quarter worth $1,081,000. Finally, Fortis Capital Advisors LLC acquired a new position in DraftKings during the second quarter worth $535,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on DKNG. JMP Securities reduced their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Benchmark decreased their price objective on shares of DraftKings from $43.00 to $37.00 and set a “buy” rating on the stock in a report on Friday. Bank of America lowered shares of DraftKings from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $48.00 to $35.00 in a research report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Twenty-six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $51.83.

DraftKings Stock Up 8.6%

Shares of NASDAQ DKNG opened at $30.40 on Monday. The firm’s 50-day moving average is $37.88 and its two-hundred day moving average is $39.48. The company has a market capitalization of $15.09 billion, a PE ratio of -53.33, a price-to-earnings-growth ratio of 1.03 and a beta of 1.86. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. 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 (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.60) earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the sale, the director directly owned 402 shares of the company’s stock, valued at $18,459.84. This trade represents a 99.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the sale, the insider owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 552,777 shares of company stock valued at $23,337,924. Insiders own 47.08% of the company’s stock.

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.