Chicago Partners Investment Group LLC Makes New $237,000 Investment in DraftKings Inc. $DKNG

Chicago Partners Investment Group LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 5,281 shares of the company’s stock, valued at approximately $237,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DKNG. Smallwood Wealth Investment Management LLC acquired a new stake in DraftKings during the 1st quarter worth $27,000. Bank of Jackson Hole Trust acquired a new stake in DraftKings during the 1st quarter worth $31,000. TD Private Client Wealth LLC boosted its stake in DraftKings by 54.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the last quarter. Summit Securities Group LLC boosted its stake in DraftKings by 349.1% during the 1st quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after purchasing an additional 810 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in DraftKings during the 2nd quarter worth $48,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $33.00 on Friday. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The company has a market cap of $16.38 billion, a PE ratio of -50.77, a P/E/G ratio of 0.82 and a beta of 1.99. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The business has a 50-day simple moving average of $41.22 and a 200-day simple moving average of $39.68.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS 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 the consensus estimate of $1.39 billion. During the same period in the previous year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on DKNG. Morgan Stanley reissued an “overweight” rating and set a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Mizuho cut their price target on shares of DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 7th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the stock a “hold” rating in a research note on Friday, August 8th. Berenberg Bank set a $43.00 price target on shares of DraftKings and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, UBS Group cut their price target 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. Twenty-seven analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.83.

Insider Buying and Selling at DraftKings

In related news, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director directly owned 1,461 shares of the company’s stock, valued at $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 605,554 shares of company stock valued at $26,515,100. 51.19% of the stock is currently owned by company insiders.

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.