Janney Montgomery Scott LLC Lowers Stock Holdings in DraftKings Inc. $DKNG

Janney Montgomery Scott LLC trimmed its position in DraftKings Inc. (NASDAQ:DKNG) by 68.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,547 shares of the company’s stock after selling 178,172 shares during the quarter. Janney Montgomery Scott LLC’s holdings in DraftKings were worth $3,498,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of DKNG. AQR Capital Management LLC raised its stake in DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after purchasing an additional 4,486,488 shares in the last quarter. Eminence Capital LP raised its stake in shares of DraftKings by 195.2% during the first 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 purchased a new position in shares of DraftKings during the first quarter worth approximately $107,739,000. AGF Management Ltd. purchased a new position in shares of DraftKings during the first quarter worth approximately $83,622,000. Finally, Baillie Gifford & Co. raised its stake 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 worth $278,640,000 after acquiring an additional 1,756,778 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the sale, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. The trade was a 4.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 658,331 shares of company stock worth $29,285,365. 51.19% of the stock is owned by corporate insiders.

DraftKings Price Performance

DKNG opened at $33.98 on Thursday. DraftKings Inc. has a 1 year low of $29.64 and a 1 year high of $53.61. The stock has a 50-day moving average price of $43.62 and a 200-day moving average price of $39.69. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $16.87 billion, a PE ratio of -52.28, a P/E/G ratio of 0.70 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates 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 business 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 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. Sell-side analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

DKNG has been the topic of several research reports. Wall Street Zen downgraded shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Northland Securities reissued an “under perform” rating and set a $33.00 price target (down from $53.00) on shares of DraftKings in a research note on Wednesday, October 1st. UBS Group decreased their target price on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, September 24th. Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a report on Monday. Finally, Citigroup reissued a “neutral” rating on shares of DraftKings in a research report on Wednesday, October 1st. Twenty-six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $53.64.

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.