1248 Management LLC Sells 5,472 Shares of DraftKings Inc. $DKNG

1248 Management LLC trimmed its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,413 shares of the company’s stock after selling 5,472 shares during the quarter. 1248 Management LLC’s holdings in DraftKings were worth $346,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brown Advisory Inc. boosted its position in DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after purchasing an additional 968 shares during the period. IFM Investors Pty Ltd boosted its position in DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock worth $2,781,000 after purchasing an additional 7,147 shares during the period. Capital Investment Advisory Services LLC bought a new position in DraftKings during the first quarter worth $515,000. Allspring Global Investments Holdings LLC boosted its position in DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock worth $90,558,000 after purchasing an additional 434,525 shares during the period. Finally, Kentucky Retirement Systems bought a new position in DraftKings during the first quarter worth $1,026,000. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on DKNG shares. Sanford C. Bernstein started coverage on shares of DraftKings in a research report on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price objective for the company. JMP Securities reduced their price objective on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a research report on Thursday, June 5th. Stifel Nicolaus reduced their target price on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Benchmark boosted their target price on shares of DraftKings from $50.00 to $53.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a research report on Saturday. Twenty-five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.50.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares of the company’s stock, valued at $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 is available through this link. Also, Director Ryan R. Moore sold 76,390 shares of the business’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the completion of the transaction, the director directly owned 402 shares of the company’s stock, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 711,108 shares of company stock valued at $30,460,181 over the last 90 days. 51.19% of the stock is owned by company insiders.

DraftKings Trading Down 0.5%

Shares of DraftKings stock opened at $47.98 on Monday. The firm has a 50-day moving average of $44.12 and a 200-day moving average of $39.73. The stock has a market cap of $42.68 billion, a PE ratio of -73.82, a PEG ratio of 1.14 and a beta of 1.73. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34.

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

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.