MassMutual Private Wealth & Trust FSB Grows Position in DraftKings Inc. $DKNG

MassMutual Private Wealth & Trust FSB boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 205.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,129 shares of the company’s stock after buying an additional 2,105 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in DraftKings were worth $134,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brooklyn Investment Group increased its holdings in shares of DraftKings by 7.3% in the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after purchasing an additional 270 shares in the last quarter. Snowden Capital Advisors LLC increased its holdings in shares of DraftKings by 3.5% in the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after purchasing an additional 296 shares in the last quarter. Obermeyer Wealth Partners increased its holdings in shares of DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock worth $297,000 after purchasing an additional 297 shares in the last quarter. Stevens Capital Management LP increased its holdings in shares of 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 purchasing an additional 319 shares in the last quarter. Finally, Stonekeep Investments LLC increased its holdings in shares of DraftKings by 5.2% in the 1st quarter. Stonekeep Investments LLC now owns 7,220 shares of the company’s stock worth $240,000 after purchasing an additional 357 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $43.45 on Friday. The stock has a market cap of $21.57 billion, a PE ratio of -66.85, a price-to-earnings-growth ratio of 1.03 and a beta of 1.73. The business has a 50-day simple moving average of $45.07 and a 200-day simple moving average of $39.71. 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 Inc. has a 52-week low of $29.64 and a 52-week high of $53.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The company’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 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of the business’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 transaction of $5,000,092.98. Following the completion of the sale, the insider directly owned 512,181 shares in the company, valued at approximately $24,262,013.97. The trade was a 17.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the completion of the sale, the chief financial officer owned 128,131 shares of the company’s stock, valued at $5,753,081.90. This trade represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 658,331 shares of company stock worth $29,285,365 in the last quarter. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DKNG. Sanford C. Bernstein began coverage on DraftKings in a report on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 price objective for the company. JPMorgan Chase & Co. began coverage on DraftKings in a report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price objective for the company. Susquehanna reaffirmed a “positive” rating and issued a $64.00 price objective on shares of DraftKings in a report on Friday, August 8th. Truist Financial lifted their price objective on DraftKings from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, July 16th. Finally, Stifel Nicolaus cut their price objective on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Twenty-four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus price target of $55.12.

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.