4,860 Shares in DraftKings Inc. $DKNG Bought by Darden Wealth Group Inc

Darden Wealth Group Inc purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 4,860 shares of the company’s stock, valued at approximately $208,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. boosted its stake in shares of DraftKings by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after purchasing an additional 130,434 shares in the last quarter. Baillie Gifford & Co. boosted its stake in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in DraftKings by 4.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock worth $235,746,000 after buying an additional 301,134 shares during the period. Eminence Capital LP increased its stake in DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after purchasing an additional 3,423,909 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in DraftKings by 2,138.9% during the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after purchasing an additional 4,486,488 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the transaction, the chief financial officer owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction on 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 transaction, the director directly owned 402 shares in the company, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 605,554 shares of company stock worth $26,515,100. Insiders own 51.19% of the company’s stock.

DraftKings Price Performance

DKNG stock opened at $33.00 on Friday. 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 firm has a 50 day moving average price of $41.22 and a 200-day moving average price of $39.68. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The firm has a market capitalization of $16.38 billion, a price-to-earnings ratio of -50.77, a PEG ratio of 0.82 and a beta of 1.99.

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 business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. DraftKings’s revenue was up 36.9% compared to the same quarter last year. During the same period last year, the business earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on DKNG shares. Citigroup reiterated a “neutral” rating on shares of DraftKings in a research note on Wednesday, October 1st. BTIG Research cut their price objective on shares of DraftKings from $53.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 2nd. Oppenheimer dropped their price target on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, October 1st. Stifel Nicolaus dropped their price target on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Finally, Truist Financial cut their price objective on DraftKings from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, October 21st. Twenty-seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $52.83.

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.