DraftKings Inc. $DKNG Position Boosted by Hodges Capital Management Inc.

Hodges Capital Management Inc. raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 5.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 569,764 shares of the company’s stock after purchasing an additional 29,122 shares during the period. DraftKings accounts for 2.3% of Hodges Capital Management Inc.’s holdings, making the stock its 7th biggest position. Hodges Capital Management Inc.’s holdings in DraftKings were worth $24,437,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DKNG. Brooklyn Investment Group grew its stake in shares of DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock valued at $132,000 after acquiring an additional 270 shares during the period. TD Private Client Wealth LLC lifted its holdings in DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after purchasing an additional 286 shares during the period. Obermeyer Wealth Partners increased its stake in shares of DraftKings by 3.4% in the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after purchasing an additional 297 shares in the last quarter. Finally, Stevens Capital Management LP raised its position in shares of DraftKings by 3.7% during the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock valued at $299,000 after purchasing an additional 319 shares during the period. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DKNG. Northland Capmk downgraded shares of DraftKings from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, October 1st. Zacks Research lowered DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday. Citigroup reissued a “neutral” rating on shares of DraftKings in a research note on Wednesday, October 1st. UBS Group cut their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Finally, BTIG Research lowered their target price on shares of DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Friday. Twenty-six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.69.

DraftKings Stock Up 8.6%

Shares of DKNG opened at $30.40 on Monday. 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 stock has a market capitalization of $15.09 billion, a price-to-earnings ratio of -53.33, a price-to-earnings-growth ratio of 1.03 and a beta of 1.86. DraftKings Inc. has a 1 year low of $26.23 and a 1 year high of $53.61. The business’s 50 day simple moving average is $37.88 and its 200-day simple moving average is $39.48.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.60) EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the sale, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director directly owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. The trade was a 76.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 552,777 shares of company stock worth $23,337,924. 47.08% of the stock is currently owned by corporate insiders.

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.