Profund Advisors LLC Reduces Position in DraftKings Inc. $DKNG

Profund Advisors LLC lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 31.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,531 shares of the company’s stock after selling 9,029 shares during the quarter. Profund Advisors LLC’s holdings in DraftKings were worth $838,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. TD Private Client Wealth LLC lifted its stake in shares of DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares in the last quarter. Bank of Jackson Hole Trust bought a new stake in DraftKings during the 1st quarter valued at $31,000. Summit Securities Group LLC lifted its position in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after acquiring an additional 810 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings during the second quarter worth $45,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of DraftKings in the second quarter worth $48,000. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Guggenheim dropped their price objective on DraftKings from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday. JMP Securities lowered their price target on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a report on Wednesday, October 1st. Berenberg Bank set a $43.00 price objective on shares of DraftKings and gave the company a “buy” rating in a research report on Thursday, October 9th. UBS Group reduced their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Finally, Canaccord Genuity Group lowered their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Twenty-six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.66.

DraftKings Stock Down 0.1%

DKNG stock opened at $30.50 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.34 and a debt-to-equity ratio of 2.51. The company’s 50 day moving average is $37.18 and its 200 day moving average is $39.43. The stock has a market cap of $15.18 billion, a price-to-earnings ratio of -53.51, a price-to-earnings-growth ratio of 1.02 and a beta of 1.86. DraftKings Inc. has a 1-year low of $26.23 and a 1-year high of $53.61.

DraftKings (NASDAQ:DKNG) last announced its earnings results 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). The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In other news, 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 value of $2,006,715.70. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total value of $5,000,092.98. Following the transaction, the insider owned 512,181 shares in the company, valued at $24,262,013.97. This trade represents a 17.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 337,916 shares of company stock worth $14,118,881. Corporate insiders own 47.08% of the company’s stock.

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.