DraftKings Inc. $DKNG Shares Sold by Bank of Montreal Can

Bank of Montreal Can trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 50.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 79,846 shares of the company’s stock after selling 81,939 shares during the period. Bank of Montreal Can’s holdings in DraftKings were worth $3,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DKNG. Bank of Jackson Hole Trust purchased a new stake in DraftKings during the 1st quarter valued at about $31,000. TD Private Client Wealth LLC lifted its holdings in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Summit Securities Group LLC boosted its position in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in DraftKings in the second quarter valued at approximately $48,000. Finally, 1 North Wealth Services LLC acquired a new position in DraftKings in the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total value of $5,000,092.98. Following the completion of the sale, the insider directly owned 512,181 shares in the company, valued at $24,262,013.97. This represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 337,916 shares of company stock valued at $14,118,881. 47.08% of the stock is owned by corporate insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $30.50 on Wednesday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.34 and a current ratio of 1.10. The firm has a fifty day moving average of $37.18 and a 200 day moving average of $39.43. The firm has a market cap of $15.18 billion, a PE ratio of -53.51, a PEG ratio of 1.02 and a beta of 1.86. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business earned ($0.60) earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Canaccord Genuity Group lowered their price target on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Mizuho cut their price target on DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Northland Securities raised DraftKings from an “under perform” rating to a “market perform” rating in a report on Monday. Finally, Zacks Research downgraded DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Twenty-six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.66.

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.