DraftKings Inc. $DKNG Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its holdings in DraftKings Inc. (NASDAQ:DKNG) by 4.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,108,402 shares of the company’s stock after selling 130,821 shares during the period. DAVENPORT & Co LLC owned 0.63% of DraftKings worth $116,254,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Helios Capital Management PTE. Ltd. increased its holdings in shares of DraftKings by 926.0% in the second quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock valued at $4,889,000 after purchasing an additional 102,889 shares during the last quarter. Claro Advisors LLC boosted its stake in DraftKings by 121.4% during the second quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock worth $1,712,000 after buying an additional 21,890 shares during the last quarter. Swiss National Bank grew its holdings in DraftKings by 10.0% in the 2nd quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock valued at $58,415,000 after buying an additional 124,200 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new stake in shares of DraftKings in the 2nd quarter worth $1,081,000. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of DraftKings in the 2nd quarter worth $535,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the topic of several recent research reports. Sanford C. Bernstein lowered their price target on shares of DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, November 10th. Barclays reduced their target price on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Jefferies Financial Group set a $52.00 price target on shares of DraftKings in a research note on Monday, October 6th. Citigroup started coverage on shares of DraftKings in a report on Friday, November 21st. They set a “buy” rating and a $48.00 price target for the company. Finally, Macquarie decreased their price objective on DraftKings from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Monday, November 10th. Twenty-five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.07.

Insider Transactions at DraftKings

In other news, Director Harry Sloan bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were purchased at an average price of $30.30 per share, with a total value of $757,500.00. Following the purchase, the director owned 249,712 shares in the company, valued at approximately $7,566,273.60. The trade was a 11.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the transaction, the chief financial officer owned 126,990 shares of the company’s stock, valued at $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 166,752 shares of company stock worth $5,387,153 over the last quarter. 47.08% of the stock is owned by corporate insiders.

DraftKings Price Performance

DraftKings stock opened at $34.54 on Wednesday. The company’s 50 day simple moving average is $32.42 and its 200-day simple moving average is $38.92. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. DraftKings Inc. has a 1 year low of $26.23 and a 1 year high of $53.61. The company has a market capitalization of $17.19 billion, a price-to-earnings ratio of -60.60, a price-to-earnings-growth ratio of 2.89 and a beta of 1.60.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.60) EPS. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Key DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings formally launched a CFTC‑regulated predictions market app, which expands the company’s addressable market into non‑sportsbook states and creates a new product line that could drive incremental revenue and user engagement. How DraftKings’ CFTC-Regulated Predictions Platform Accessing Non-Sportsbook States Has Changed Its Investment Story (DKNG)
• Positive Sentiment: The company rolled out its prediction‑market app to customers, reinforcing management’s product‑led growth narrative; the launch was a catalyst for intraday gains as investors priced in new monetization opportunities but noted execution and monetization timelines remain uncertain. DraftKings just launched its prediction market app. Should you make a bet on DKNG stock here?
• Positive Sentiment: Analyst commentary (including Morgan Stanley coverage) and trade‑desk writeups highlighted the prediction‑market push as strategically important, lending credibility to the growth story even as analysts debate valuation and timing. DraftKings: Morgan Stanley weighs in on prediction markets push
• Positive Sentiment: Product mix shifts — notably parlay and cross‑sell opportunities — are being cited as improving hold rates and margins, supporting the thesis that product innovation can lift economics even if sports results are lumpy. Is DraftKings’ Product-Led Parlay Growth Driving Better Economics?
• Positive Sentiment: Market reaction: coverage and the product launch helped DKNG outpace the market in recent trading sessions, reflecting short‑term investor enthusiasm around the new offering. Why DraftKings (DKNG) Outpaced the Stock Market Today
• Neutral Sentiment: Several analyst notes published in mainstream outlets show mixed/conflicting views on DraftKings’ valuation and competitive prospects; analysts differ on how quickly prediction markets will contribute meaningfully to revenue. Analysts’ Opinions Are Mixed on These Consumer Cyclical Stocks: Amazon (AMZN), DraftKings (DKNG) and ChargePoint Holdings (CHPT) Analysts Have Conflicting Sentiments on These Consumer Cyclical Companies: DraftKings (DKNG) and Carnival (CCL)
• Negative Sentiment: Some outlets reported DKNG weakness today tied to analyst target cuts and profit/forecast concerns, which pressured the stock after the initial launch pop. DraftKings formally launches prediction markets, analyst cuts target
• Negative Sentiment: Coverage pieces explaining why DKNG is down highlighted near‑term execution risk, uncertainty around monetization speed for prediction markets, and valuation sensitivity to slower revenue conversion. Why DraftKings (DKNG) stock is down today

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.