GLOBALT Investments LLC GA Raises Stock Holdings in DraftKings Inc. $DKNG

GLOBALT Investments LLC GA lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 44.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,113 shares of the company’s stock after acquiring an additional 6,142 shares during the quarter. GLOBALT Investments LLC GA’s holdings in DraftKings were worth $863,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. GAMMA Investing LLC increased its position in shares of DraftKings by 57.1% during the first quarter. GAMMA Investing LLC now owns 1,474 shares of the company’s stock valued at $49,000 after acquiring an additional 536 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in DraftKings by 272.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 116,888 shares of the company’s stock worth $3,882,000 after buying an additional 85,529 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in DraftKings by 12.0% in the first quarter. Oppenheimer & Co. Inc. now owns 86,770 shares of the company’s stock worth $2,882,000 after buying an additional 9,277 shares during the last quarter. Asset Management One Co. Ltd. increased its position in DraftKings by 3.7% in the first quarter. Asset Management One Co. Ltd. now owns 163,871 shares of the company’s stock worth $5,442,000 after buying an additional 5,830 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in DraftKings in the first quarter worth $454,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DKNG. Northland Securities set a $30.00 target price on DraftKings in a research report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a research report on Friday. Stifel Nicolaus decreased their target price on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. UBS Group decreased their target price on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, September 24th. Finally, Northland Capmk downgraded DraftKings from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Twenty-seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction 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 completion of the sale, the director owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Friday, October 17th. The shares were sold at an average price of $34.57, for a total value of $1,824,500.89. Following the sale, the insider directly owned 500,000 shares of the company’s stock, valued at $17,285,000. This represents a 9.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 605,554 shares of company stock valued at $26,515,100 in the last ninety days. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

DraftKings stock opened at $33.00 on Friday. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The business has a fifty day moving average price of $41.22 and a 200-day moving average price of $39.63. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $16.38 billion, a P/E ratio of -50.77, a PEG ratio of 0.87 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results 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 business’s revenue for the quarter 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 forecast that DraftKings Inc. will post 0.64 EPS for the current year.

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.