Liberty One Investment Management LLC Buys 1,531 Shares of DraftKings Inc. $DKNG

Liberty One Investment Management LLC lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 33.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,176 shares of the company’s stock after buying an additional 1,531 shares during the period. Liberty One Investment Management LLC’s holdings in DraftKings were worth $265,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brown Advisory Inc. increased its holdings in shares of DraftKings by 14.6% during the first quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after buying an additional 968 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in shares of DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock worth $2,781,000 after buying an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC acquired a new position in shares of DraftKings during the first quarter worth $515,000. Allspring Global Investments Holdings LLC increased its holdings in shares of DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock worth $90,558,000 after buying an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems acquired a new position in shares of DraftKings during the first quarter worth $1,026,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DKNG has been the subject of several research analyst reports. Oppenheimer lowered their price target on shares of DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Truist Financial decreased their price target on shares of DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley restated an “overweight” rating and issued a $52.00 price target (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. JMP Securities decreased their price target on shares of DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Finally, Citigroup restated a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. Twenty-seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $52.83.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 4,861 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the transaction, the director directly owned 1,461 shares of the company’s stock, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the 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 approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 552,777 shares of company stock worth $24,690,599. Corporate insiders own 47.08% of the company’s stock.

DraftKings Trading Up 0.1%

NASDAQ:DKNG opened at $33.62 on Wednesday. The firm’s fifty day moving average is $41.81 and its 200-day moving average is $39.64. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. The firm has a market cap of $16.69 billion, a P/E ratio of -51.72, a P/E/G ratio of 0.84 and a beta of 1.99.

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

DraftKings 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.