Veery Capital LLC Buys 6,173 Shares of DraftKings Inc. $DKNG

Veery Capital LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 16.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,313 shares of the company’s stock after acquiring an additional 6,173 shares during the quarter. DraftKings accounts for 0.7% of Veery Capital LLC’s portfolio, making the stock its 23rd largest position. Veery Capital LLC’s holdings in DraftKings were worth $1,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Zevenbergen Capital Investments LLC grew its holdings in shares of DraftKings by 12.2% in the 2nd quarter. Zevenbergen Capital Investments LLC now owns 214,490 shares of the company’s stock worth $9,199,000 after purchasing an additional 23,400 shares during the last quarter. M & L Capital Management Ltd acquired a new position in DraftKings in the second quarter valued at about $257,000. OMNI 360 Wealth Inc. bought a new stake in DraftKings during the second quarter worth about $237,000. Kera Capital Partners Inc. bought a new stake in DraftKings during the second quarter worth about $319,000. Finally, AG2R LA Mondiale Gestion D Actifs acquired a new stake in shares of DraftKings during the first quarter worth approximately $684,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Down 4.1%

DKNG stock opened at $43.98 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. 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 $21.83 billion, a P/E ratio of -67.66, a PEG ratio of 1.09 and a beta of 1.73. The business has a fifty day moving average of $45.03 and a 200-day moving average of $39.66.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.14. The firm had revenue of $1.51 billion during 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 company’s revenue was up 36.9% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price objective for the company. Benchmark boosted their price objective on DraftKings from $50.00 to $53.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Wall Street Zen lowered DraftKings from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. Finally, Barclays reaffirmed an “overweight” rating and issued a $54.00 price target (up from $51.00) on shares of DraftKings in a report on Friday, August 8th. Twenty-four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $55.12.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the sale, the insider directly owned 512,181 shares of the company’s stock, valued at $24,262,013.97. This represents a 17.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 816,662 shares of company stock worth $35,460,274 over the last 90 days. 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.