Apollon Wealth Management LLC Purchases Shares of 5,833 DraftKings Inc. $DKNG

Apollon Wealth Management LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,833 shares of the company’s stock, valued at approximately $250,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in DKNG. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings in the 1st quarter valued at approximately $27,000. Bank of Jackson Hole Trust bought a new position in shares of DraftKings in the first quarter worth $31,000. TD Private Client Wealth LLC increased its holdings in shares of 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 purchasing an additional 282 shares during the period. Summit Securities Group LLC increased its holdings in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after purchasing an additional 810 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in shares of DraftKings during the second quarter valued at about $48,000. 37.70% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the sale, the director owned 1,461 shares in the company, valued at $63,129.81. This represents a 76.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 552,777 shares of company stock worth $24,690,599. 51.19% of the stock is owned by company insiders.

DraftKings Stock Performance

DKNG opened at $34.10 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. The firm has a market cap of $16.93 billion, a PE ratio of -52.46, a P/E/G ratio of 0.85 and a beta of 1.99. The business has a fifty day simple moving average of $42.18 and a 200-day simple moving average of $39.62. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the firm earned $0.12 earnings per share. DraftKings’s revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, equities analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on DKNG shares. Oppenheimer decreased their target price on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Northland Securities set a $30.00 price target on shares of DraftKings in a research note on Monday, October 13th. Susquehanna lowered their price objective on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating on the stock in a research note on Tuesday. Truist Financial upped their target price on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Finally, Wall Street Zen lowered DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Twenty-seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

DraftKings Company 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.