DraftKings Inc. $DKNG Stake Raised by TD Private Client Wealth LLC

TD Private Client Wealth LLC raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 54.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 800 shares of the company’s stock after acquiring an additional 282 shares during the quarter. TD Private Client Wealth LLC’s holdings in DraftKings were worth $34,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC raised its holdings in shares of DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after purchasing an additional 4,486,488 shares in the last quarter. Eminence Capital LP boosted its stake in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after acquiring an additional 3,423,909 shares in the last quarter. Nuveen LLC acquired a new position in shares of DraftKings in the 1st quarter worth $107,739,000. AGF Management Ltd. acquired a new stake in shares of DraftKings during the first quarter worth $83,622,000. Finally, Baillie Gifford & Co. lifted its holdings in shares of DraftKings by 26.5% during the first 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. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the completion of the sale, the director directly owned 402 shares in the company, valued at $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the transaction, the insider owned 500,000 shares in the company, valued at approximately $22,300,000. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 658,331 shares of company stock valued at $29,285,365. 47.08% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $37.40 on Wednesday. The firm has a market cap of $18.57 billion, a price-to-earnings ratio of -57.54, a P/E/G ratio of 1.00 and a beta of 1.73. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The business has a fifty day simple moving average of $44.82 and a 200 day simple moving average of $39.86.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share 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 for the quarter, compared to analyst estimates of $1.39 billion. The business’s revenue was up 36.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DKNG shares. Truist Financial lifted 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. Morgan Stanley reissued an “overweight” rating and issued a $52.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Wall Street Zen upgraded shares of DraftKings from a “hold” rating to a “buy” rating in a research report on Saturday, September 20th. Jefferies Financial Group set a $54.00 price objective on shares of DraftKings in a research report on Thursday, August 21st. Finally, JPMorgan Chase & Co. assumed coverage on shares of DraftKings in a research note on Monday, June 23rd. They set an “overweight” rating and a $50.00 target price on the stock. Twenty-five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.15.

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.