DraftKings Inc. $DKNG Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. lowered its stake in DraftKings Inc. (NASDAQ:DKNG) by 60.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,246 shares of the company’s stock after selling 3,441 shares during the period. Bessemer Group Inc.’s holdings in DraftKings were worth $97,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of DKNG. AQR Capital Management LLC raised its position in DraftKings by 2,138.9% in the 1st 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 position in DraftKings by 195.2% in the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after purchasing an additional 3,423,909 shares in the last quarter. Nuveen LLC acquired a new stake in DraftKings in the 1st quarter valued at about $107,739,000. AGF Management Ltd. purchased a new stake in DraftKings during the 1st quarter worth about $83,622,000. Finally, Baillie Gifford & Co. lifted its holdings in DraftKings by 26.5% during the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after buying an additional 1,756,778 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of recent analyst reports. JMP Securities decreased their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. UBS Group cut their target price on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, September 24th. Oppenheimer cut their target price on DraftKings from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Truist Financial cut their target price on DraftKings from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, October 21st. Finally, BTIG Research cut their target price on DraftKings from $53.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. Twenty-six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.34.

DraftKings Trading Down 6.4%

DKNG opened at $28.61 on Wednesday. The firm has a market cap of $14.20 billion, a price-to-earnings ratio of -44.02, a price-to-earnings-growth ratio of 0.95 and a beta of 1.86. DraftKings Inc. has a 52 week low of $28.38 and a 52 week high of $53.61. The business’s 50 day moving average is $39.03 and its two-hundred day moving average is $39.58. 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 released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.16 by $0.14. The company had revenue of $1.51 billion for 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 firm’s revenue was up 36.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Insider Activity at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the transaction, the chief financial officer owned 128,131 shares of the company’s stock, valued at $5,753,081.90. The trade was a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $42.90, for a total value of $9,009,000.00. Following the sale, the insider directly owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. This represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 500,000 shares of company stock valued at $21,807,391 over the last 90 days. 47.08% of the stock is owned by 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.