Envestnet Asset Management Inc. Has $24.42 Million Holdings in DraftKings Inc. $DKNG

Envestnet Asset Management Inc. boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 24.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 569,347 shares of the company’s stock after buying an additional 111,826 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of DraftKings worth $24,419,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Brooklyn Investment Group grew its holdings in shares of DraftKings by 7.3% during the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company’s stock worth $132,000 after purchasing an additional 270 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of DraftKings by 54.4% during the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after buying an additional 282 shares during the period. Farther Finance Advisors LLC boosted its position in shares of DraftKings by 9.1% during the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after buying an additional 286 shares during the period. Obermeyer Wealth Partners boosted its position in DraftKings by 3.4% during the first quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company’s stock valued at $297,000 after purchasing an additional 297 shares during the last quarter. Finally, Stevens Capital Management LP increased its holdings in DraftKings by 3.7% during the first quarter. Stevens Capital Management LP now owns 8,989 shares of the company’s stock worth $299,000 after buying an additional 319 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Friday, October 17th. The stock was sold at an average price of $34.57, for a total value of $1,824,500.89. Following the completion of the sale, the insider directly owned 500,000 shares of the company’s stock, valued at $17,285,000. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jocelyn Moore sold 4,861 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the sale, the director directly owned 1,461 shares of the company’s stock, valued at $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 500,000 shares of company stock worth $21,807,391. 47.08% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of DraftKings stock opened at $30.57 on Tuesday. The company has a market cap of $15.18 billion, a PE ratio of -47.03, a price-to-earnings-growth ratio of 0.95 and a beta of 1.86. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. The business has a 50 day moving average price of $39.41 and a 200-day moving average price of $39.61. 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 (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same period last year, the business posted $0.12 earnings per share. DraftKings’s revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Equities analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the company a “hold” rating in a research report on Friday, August 8th. Mizuho decreased their price target on DraftKings from $58.00 to $54.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 7th. Berenberg Bank set a $43.00 target price on DraftKings and gave the stock a “buy” rating in a research note on Thursday, October 9th. JMP Securities reduced their price objective on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. Finally, Sanford C. Bernstein reduced their target price on DraftKings from $55.00 to $50.00 and set an “outperform” rating on the stock in a report on Monday. Twenty-seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

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.