Sumitomo Mitsui Trust Group Inc. trimmed its position in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 20.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,500,947 shares of the company’s stock after selling 375,747 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in DraftKings were worth $28,518,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of DKNG. Ascentis Independent Advisors acquired a new position in shares of DraftKings during the first quarter worth $27,000. Basecamp Wealth Advisors LLC lifted its holdings in shares of DraftKings by 3,547.1% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 1,240 shares of the company’s stock valued at $27,000 after purchasing an additional 1,206 shares during the last quarter. CoreCap Advisors LLC boosted its position in shares of DraftKings by 336.5% in the 2nd quarter. CoreCap Advisors LLC now owns 1,148 shares of the company’s stock worth $29,000 after purchasing an additional 885 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of DraftKings in the 3rd quarter worth $48,000. Finally, CX Institutional boosted its position in shares of DraftKings by 213.8% in the 3rd quarter. CX Institutional now owns 3,876 shares of the company’s stock worth $74,000 after purchasing an additional 2,641 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.
DraftKings News Roundup
Here are the key news stories impacting DraftKings this week:
- Positive Sentiment: DraftKings said its prediction-markets business could generate as much as $750 million in revenue in 2027, presenting a potential growth avenue beyond traditional sports betting. That opportunity remains prospective and may depend on regulatory developments. Article: DraftKings Stock Dives on Q3 Miss, Lower Guidance
- Positive Sentiment: Third-quarter revenue increased about 16% year over year to $1.329 billion, showing continued top-line growth despite missing analyst expectations. Article: DraftKings Q3 Financials
- Negative Sentiment: The company cut its 2026 revenue forecast to $6.35 billion–$6.55 billion from $6.5 billion–$6.9 billion, citing in part increased investment in prediction markets. The lower outlook signals weaker near-term expectations and added spending. Article: DraftKings Cuts Outlook as It Pours More Money Into Prediction Markets
- Negative Sentiment: DraftKings reported a quarterly loss that was worse than analysts expected. Its revenue also fell short of consensus, adding to concerns that growth is not yet translating into improved profitability. Article: DraftKings Reports Q3 Loss, Misses Revenue Estimates
DraftKings Trading Up 1.8%
NASDAQ DKNG opened at $23.52 on Friday. DraftKings Inc. has a 12-month low of $18.35 and a 12-month high of $36.98. The company has a fifty day simple moving average of $21.62 and a two-hundred day simple moving average of $24.13. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.22.
DraftKings (NASDAQ:DKNG – Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.12). The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.39 billion. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. DraftKings’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.26) earnings per share. On average, equities research analysts expect that DraftKings Inc. will post 0.31 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on DKNG. BTIG Research boosted their target price on DraftKings from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. TD Cowen increased their price target on DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Weiss Ratings downgraded DraftKings from a “sell (d)” rating to a “sell (e+)” rating in a report on Friday, August 21st. Bank of America upgraded DraftKings from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a research note on Monday, October 5th. Finally, UBS Group dropped their price target on DraftKings from $49.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.79.
Get Our Latest Research Report on DKNG
Insider Transactions at DraftKings
In related news, Director Jocelyn Moore sold 10,759 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $24.05, for a total value of $258,753.95. Following the completion of the transaction, the director owned 1,881 shares in the company, valued at $45,238.05. This trade represents a 85.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 47.18% of the stock is owned by company insiders.
DraftKings Profile
DraftKings Inc is a digital sports entertainment and gaming company that operates online and mobile platforms for sports betting, casino gaming and daily fantasy sports. Its offerings include the DraftKings Sportsbook, DraftKings Casino and daily fantasy contests covering a range of professional and collegiate sports.
The company also provides related entertainment and media content through DraftKings Network, along with free-to-play games, promotions and other interactive products designed to complement its sports and gaming platforms.
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