SVB Wealth LLC Sells 56,377 Shares of DraftKings Inc. $DKNG

SVB Wealth LLC cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 48.0% during the first quarter, HoldingsChannel reports. The firm owned 61,135 shares of the company’s stock after selling 56,377 shares during the period. SVB Wealth LLC’s holdings in DraftKings were worth $2,030,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Beacon Pointe Advisors LLC increased its stake in shares of DraftKings by 1.9% in the fourth quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after purchasing an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV increased its stake in shares of DraftKings by 0.3% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock worth $2,946,000 after purchasing an additional 217 shares during the period. Brooklyn Investment Group increased its stake in shares of DraftKings by 7.3% in the first quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after purchasing an additional 270 shares during the period. Snowden Capital Advisors LLC increased its stake in shares of DraftKings by 3.5% in the fourth quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after purchasing an additional 296 shares during the period. Finally, Obermeyer Wealth Partners increased its stake in shares of DraftKings by 3.4% in the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after purchasing an additional 297 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Up 2.4%

DKNG stock opened at $47.18 on Friday. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a market cap of $41.97 billion, a PE ratio of -72.58, a price-to-earnings-growth ratio of 1.12 and a beta of 1.70. The business’s 50-day simple moving average is $43.26 and its 200 day simple moving average is $39.62. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Truist Financial lifted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Barclays reiterated an “overweight” rating and issued a $54.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Wall Street Zen raised DraftKings from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of DraftKings in a research report on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.50.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the sale, the director directly owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 690,631 shares of company stock valued at $28,830,492 over the last ninety days. Company insiders own 51.19% of the company’s stock.

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.