DraftKings Inc. $DKNG is Hodges Capital Management Inc.’s 7th Largest Position

Hodges Capital Management Inc. increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 5.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 569,764 shares of the company’s stock after buying an additional 29,122 shares during the period. DraftKings accounts for about 2.3% of Hodges Capital Management Inc.’s holdings, making the stock its 7th largest holding. Hodges Capital Management Inc. owned 0.06% of DraftKings worth $24,437,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. 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. Bank of Jackson Hole Trust bought a new position in shares of DraftKings during the first quarter valued at $31,000. Summit Securities Group LLC raised its position in shares of DraftKings by 349.1% in the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in DraftKings in the 2nd quarter worth about $45,000. Finally, Ameritas Advisory Services LLC purchased a new stake in DraftKings during the 2nd quarter valued at about $48,000. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the sale, the insider owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 552,777 shares of company stock valued at $23,337,924 in the last 90 days. Insiders own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Canaccord Genuity Group decreased their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a report on Friday. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a “hold” rating in a research report on Friday, August 8th. Benchmark lowered their price objective on DraftKings from $43.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday. Mizuho reduced their target price on DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a report on Tuesday, October 7th. Finally, Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday. Twenty-six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average target price of $50.69.

DraftKings Trading Up 8.6%

NASDAQ:DKNG opened at $30.40 on Monday. 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 12 month low of $26.23 and a 12 month high of $53.61. The company has a market cap 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. The company has a 50 day simple moving average of $37.88 and a two-hundred day simple moving average of $39.48.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the company earned ($0.60) earnings per share. DraftKings’s quarterly revenue was up 4.4% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

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.