Vontobel Holding Ltd. Decreases Position in DraftKings Inc. $DKNG

Vontobel Holding Ltd. trimmed its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 92.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,399 shares of the company’s stock after selling 111,359 shares during the quarter. Vontobel Holding Ltd.’s holdings in DraftKings were worth $403,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Brown Advisory Inc. boosted its position in DraftKings by 14.6% during the first 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 boosted its position in DraftKings by 9.3% during the first quarter. IFM Investors Pty Ltd now owns 83,750 shares of the company’s stock worth $2,781,000 after purchasing an additional 7,147 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new stake in DraftKings during the first quarter worth $515,000. Allspring Global Investments Holdings LLC boosted its position in DraftKings by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,728,482 shares of the company’s stock worth $90,558,000 after purchasing an additional 434,525 shares in the last quarter. Finally, Kentucky Retirement Systems purchased a new stake in DraftKings during the first quarter worth $1,026,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Northland Capmk downgraded DraftKings from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Mizuho cut their price target on DraftKings from $58.00 to $54.00 and set an “outperform” rating for the company in a report on Tuesday, October 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Oppenheimer cut their price target on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Finally, Berenberg Bank set a $43.00 price target on DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Twenty-seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.00.

DraftKings Stock Performance

DraftKings stock opened at $34.36 on Wednesday. The firm has a market capitalization of $17.06 billion, a P/E ratio of -52.86, a PEG ratio of 0.72 and a beta of 1.99. The stock has a fifty day moving average price of $42.76 and a 200 day moving average price of $39.59. DraftKings Inc. has a 52 week low of $29.64 and a 52 week 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.

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

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the sale, the director directly owned 1,461 shares in the company, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was 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 $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. In the last three months, insiders sold 658,331 shares of company stock valued at $29,285,365. Corporate insiders own 47.08% of the company’s stock.

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.