Public Employees Retirement System of Ohio Purchases 9,787 Shares of DraftKings Inc. $DKNG

Public Employees Retirement System of Ohio lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 7.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 149,211 shares of the company’s stock after purchasing an additional 9,787 shares during the period. Public Employees Retirement System of Ohio’s holdings in DraftKings were worth $6,400,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of DKNG. Brown Advisory Inc. raised its holdings in DraftKings by 14.6% in the 1st quarter. Brown Advisory Inc. now owns 7,600 shares of the company’s stock worth $252,000 after purchasing an additional 968 shares in the last quarter. IFM Investors Pty Ltd increased its position 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 valued at $2,781,000 after buying an additional 7,147 shares during the period. Capital Investment Advisory Services LLC bought a new position in DraftKings in the first quarter worth about $515,000. Allspring Global Investments Holdings LLC lifted its holdings in DraftKings by 18.9% in 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 during the period. Finally, Kentucky Retirement Systems purchased a new stake in DraftKings in the first quarter worth about $1,026,000. 37.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DKNG. Morgan Stanley reiterated an “overweight” rating and set a $52.00 target price (up previously from $51.00) on shares of DraftKings in a report on Friday, July 11th. Truist Financial upped 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. Susquehanna reissued a “positive” rating and set a $64.00 price objective on shares of DraftKings in a research report on Friday, August 8th. 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. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 target price on shares of DraftKings and gave the stock a “hold” rating in a research report on Friday, August 8th. Twenty-five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $55.15.

DraftKings Stock Down 1.4%

Shares of DraftKings stock opened at $42.32 on Monday. The company has a market cap of $21.01 billion, a price-to-earnings ratio of -65.11, a price-to-earnings-growth ratio of 1.00 and a beta of 1.73. The company’s 50 day moving average is $45.00 and its 200 day moving average is $39.85. DraftKings Inc. has a twelve month low of $29.64 and a twelve month 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 issued 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. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the previous year, the company posted $0.12 earnings per share. DraftKings’s revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Transactions at DraftKings

In other news, Director Ryan R. Moore sold 76,390 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director owned 402 shares of the company’s stock, valued at $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $24,262,013.97. This trade represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 658,331 shares of company stock worth $29,285,365 over the last three months. 47.08% of the stock is currently owned by insiders.

DraftKings Company 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.