StepStone Group LP Has $7.13 Million Stock Holdings in DraftKings Inc. $DKNG

StepStone Group LP trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 33.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,536 shares of the company’s stock after selling 107,268 shares during the period. DraftKings makes up about 7.3% of StepStone Group LP’s portfolio, making the stock its 3rd biggest position. StepStone Group LP’s holdings in DraftKings were worth $7,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of DKNG. Janus Henderson Group PLC lifted its stake in shares of DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock valued at $349,005,000 after purchasing an additional 9,352,019 shares during the last quarter. Nuveen LLC bought a new stake in shares of DraftKings in the 1st quarter valued at approximately $107,739,000. AGF Management Ltd. bought a new stake in shares of DraftKings in the 1st quarter valued at approximately $83,622,000. Baillie Gifford & Co. lifted its stake in shares of DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after purchasing an additional 1,756,778 shares during the last quarter. Finally, Eminence Capital LP bought a new stake in shares of DraftKings in the 4th quarter valued at approximately $65,255,000. 37.70% of the stock is owned by institutional investors.

Insider Transactions at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the transaction, the chief financial officer directly owned 128,131 shares in the company, valued at $5,753,081.90. This trade represents a 25.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares in the company, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 690,631 shares of company stock valued at $28,830,492. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. Sanford C. Bernstein started coverage on DraftKings in a research note on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price target for the company. Mizuho decreased their price target on DraftKings from $59.00 to $58.00 and set an “outperform” rating for the company in a research note on Monday, May 12th. Bank of America decreased their price target on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, Truist Financial raised their price target on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Twenty-five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.50.

DraftKings Trading Up 2.4%

DKNG opened at $47.18 on Friday. The stock’s fifty day moving average is $43.26 and its two-hundred day moving average is $39.62. The company has a market capitalization of $41.97 billion, a P/E ratio of -72.58, a PEG ratio of 1.12 and a beta of 1.70. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.DraftKings’s quarterly revenue was up 36.9% on a year-over-year basis. During the same period last year, the business posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. Analysts forecast that DraftKings Inc. will post 0.64 earnings per share 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.