DraftKings Inc. $DKNG Shares Sold by HB Wealth Management LLC

HB Wealth Management LLC decreased its position in DraftKings Inc. (NASDAQ:DKNG) by 12.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,937 shares of the company’s stock after selling 1,288 shares during the period. HB Wealth Management LLC’s holdings in DraftKings were worth $383,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of DKNG. Independence Bank of Kentucky grew its position in shares of DraftKings by 4.3% during the 2nd quarter. Independence Bank of Kentucky now owns 27,679 shares of the company’s stock valued at $1,187,000 after acquiring an additional 1,151 shares during the period. Ipswich Investment Management Co. Inc. acquired a new position in DraftKings in the 2nd quarter worth about $219,000. CX Institutional boosted its position in DraftKings by 13.0% during the second quarter. CX Institutional now owns 3,341 shares of the company’s stock worth $143,000 after purchasing an additional 385 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in DraftKings by 7.0% in the second quarter. Public Employees Retirement System of Ohio now owns 149,211 shares of the company’s stock valued at $6,400,000 after purchasing an additional 9,787 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

Shares of DraftKings stock opened at $35.37 on Monday. The firm has a market cap of $17.56 billion, a PE ratio of -54.42, a price-to-earnings-growth ratio of 0.93 and a beta of 1.99. 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. The business’s fifty day simple moving average is $44.25 and its 200-day simple moving average is $39.81.

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. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period in the previous year, the firm earned $0.12 EPS. DraftKings’s revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Equities analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

Analyst Ratings Changes

DKNG has been the subject of several research analyst reports. Northland Capmk downgraded DraftKings from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Barclays reissued an “overweight” rating and issued a $54.00 price target (up previously from $51.00) on shares of DraftKings in a report on Friday, August 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a report on Friday, July 11th. Wall Street Zen lowered shares of DraftKings from a “buy” rating to a “hold” rating in a research report on Friday. Finally, JMP Securities reduced 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. Twenty-six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $53.89.

Insiders Place Their Bets

In other news, 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 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider R Stanton Dodge sold 105,554 shares of the 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 transaction, the insider directly owned 512,181 shares of the company’s stock, valued at $24,262,013.97. The trade was a 17.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 658,331 shares of company stock worth $29,285,365. Insiders own 47.08% of the company’s stock.

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.