Park Avenue Securities LLC Sells 1,067 Shares of DraftKings Inc. $DKNG

Park Avenue Securities LLC reduced its stake in DraftKings Inc. (NASDAQ:DKNG) by 0.9% during the second quarter, Holdings Channel.com reports. The fund owned 113,668 shares of the company’s stock after selling 1,067 shares during the quarter. Park Avenue Securities LLC’s holdings in DraftKings were worth $4,875,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Tidal Investments LLC boosted its stake in shares of DraftKings by 14.9% during the fourth quarter. Tidal Investments LLC now owns 20,553 shares of the company’s stock valued at $765,000 after purchasing an additional 2,660 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of DraftKings by 44.6% during the fourth quarter. Toronto Dominion Bank now owns 99,784 shares of the company’s stock valued at $3,712,000 after purchasing an additional 30,779 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of DraftKings by 2,423.0% during the fourth quarter. Mackenzie Financial Corp now owns 321,456 shares of the company’s stock valued at $11,958,000 after purchasing an additional 308,715 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in shares of DraftKings during the fourth quarter valued at approximately $94,000. Finally, Employees Retirement System of Texas bought a new position in shares of DraftKings during the fourth quarter valued at approximately $1,822,000. 37.70% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the transaction, the chief financial officer 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 658,331 shares of company stock worth $29,285,365. Company insiders own 47.08% of the company’s stock.

DraftKings Stock Up 0.9%

DKNG opened at $43.84 on Tuesday. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two 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. The company has a fifty day moving average of $45.07 and a two-hundred day moving average of $39.71. The stock has a market capitalization of $21.77 billion, a price-to-earnings ratio of -67.45, a PEG ratio of 1.03 and a beta of 1.73.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share 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%. The firm’s revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DKNG has been the topic of a number of recent research reports. JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research note on Monday, June 23rd. They set an “overweight” rating and a $50.00 price objective on the stock. Wall Street Zen upgraded shares of DraftKings from a “hold” rating to a “buy” rating in a research note on Saturday. Susquehanna reiterated a “positive” rating and set a $64.00 price objective on shares of DraftKings in a research note on Friday, August 8th. Jefferies Financial Group set a $54.00 price objective on shares of DraftKings in a research note on Thursday, August 21st. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 price objective on shares of DraftKings and gave the stock a “hold” rating in a research note on Friday, August 8th. Twenty-four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.12.

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.