MGO Private Wealth LLC Acquires Shares of 5,325 DraftKings Inc. $DKNG

MGO Private Wealth LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 5,325 shares of the company’s stock, valued at approximately $228,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Brooklyn Investment Group boosted its holdings in DraftKings by 7.3% in the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after purchasing an additional 270 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares in the last quarter. Farther Finance Advisors LLC boosted 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 purchasing an additional 286 shares in the last quarter. Obermeyer Wealth Partners boosted its stake in shares of DraftKings by 3.4% during the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after acquiring an additional 297 shares in the last quarter. Finally, Stevens Capital Management LP boosted its stake in shares of DraftKings by 3.7% during the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock worth $299,000 after acquiring an additional 319 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Up 1.4%

Shares of DKNG opened at $35.37 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $17.56 billion, a P/E ratio of -54.42, a price-to-earnings-growth ratio of 0.93 and a beta of 1.99. The stock’s fifty day simple moving average is $44.25 and its 200 day simple moving average is $39.80. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The business’s quarterly revenue was up 36.9% on a year-over-year basis. During the same period last year, the company posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction on 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 transaction, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This trade represents a 25.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total value of $4,707,708.40. Following the completion of 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. In the last ninety days, insiders sold 658,331 shares of company stock worth $29,285,365. Corporate insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DKNG shares. JMP Securities lowered their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a report on Wednesday. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a report on Friday. Oppenheimer lowered their price target on DraftKings from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday. Citigroup restated a “neutral” rating on shares of DraftKings in a report on Wednesday. Finally, Barclays restated an “overweight” rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Twenty-six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.89.

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.