Parallel Advisors LLC grew its holdings in shares of DraftKings Inc. (NASDAQ:DKNG – Free Report) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,630 shares of the company’s stock after purchasing an additional 800 shares during the quarter. Parallel Advisors LLC’s holdings in DraftKings were worth $2,429,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Brooklyn Investment Group raised its holdings 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 purchasing an additional 270 shares in the last quarter. Snowden Capital Advisors LLC raised its holdings in shares of DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock valued at $325,000 after purchasing an additional 296 shares in the last quarter. Obermeyer Wealth Partners grew its stake in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock valued at $297,000 after buying an additional 297 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in DraftKings by 44.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company’s stock valued at $34,000 after buying an additional 317 shares during the last quarter. Finally, Stevens Capital Management LP raised its holdings in DraftKings by 3.7% in the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock worth $299,000 after acquiring an additional 319 shares during the period. Institutional investors own 37.70% of the company’s stock.
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Insider Buying and Selling
In other news, insider R Stanton Dodge sold 105,554 shares of the company’s 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 sale, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. This represents a 17.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 1,461 shares in the company, valued at approximately $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 658,331 shares of company stock worth $29,285,365. Insiders own 47.08% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently commented on DKNG. Stifel Nicolaus dropped their target price on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Citigroup reiterated a “buy” rating on shares of DraftKings in a report on Friday, July 11th. JPMorgan Chase & Co. started coverage on DraftKings in a report on Monday, June 23rd. They set an “overweight” rating and a $50.00 price target for the company. Jefferies Financial Group set a $54.00 price target on DraftKings in a report on Thursday, August 21st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $52.00 price target (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. Twenty-four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $55.12.
Read Our Latest Stock Analysis on DraftKings
DraftKings Price Performance
Shares of DraftKings stock opened at $42.88 on Wednesday. The firm has a fifty day moving average price of $45.09 and a two-hundred day moving average price of $39.66. The company has a market cap of $21.29 billion, a PE ratio of -65.97, a price-to-earnings-growth ratio of 1.02 and a beta of 1.73. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34.
DraftKings (NASDAQ:DKNG – Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm’s revenue for the quarter was up 36.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. Analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.
About DraftKings
(Free Report)
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.
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