DraftKings Inc. $DKNG Stake Lowered by Moors & Cabot Inc.

Moors & Cabot Inc. decreased its stake in DraftKings Inc. (NASDAQ:DKNG) by 15.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 14,006 shares of the company’s stock after selling 2,614 shares during the period. Moors & Cabot Inc.’s holdings in DraftKings were worth $601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DKNG. Bank of Jackson Hole Trust acquired a new stake in DraftKings in the first quarter worth $31,000. TD Private Client Wealth LLC boosted its holdings 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 valued at $34,000 after acquiring an additional 282 shares during the period. Summit Securities Group LLC grew its position in shares of DraftKings by 349.1% during the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock worth $35,000 after acquiring an additional 810 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of DraftKings during the second quarter worth about $48,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of DraftKings in the 1st quarter worth about $49,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on DKNG. Morgan Stanley reissued an “overweight” rating and set a $52.00 target price (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Bank of America cut DraftKings from a “buy” rating to a “neutral” rating and cut their price target for the company from $48.00 to $35.00 in a report on Tuesday. BTIG Research reduced their price objective on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft set a $47.00 price objective on DraftKings and gave the stock a “hold” rating in a report on Friday, August 8th. Finally, Berenberg Bank set a $43.00 target price on DraftKings and gave the company a “buy” rating in a research note on Thursday, October 9th. Twenty-six investment 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’s stock. According to data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $51.83.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the company’s stock in a transaction 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 transaction, the insider 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the sale, the director directly owned 402 shares of the company’s stock, valued at $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 552,777 shares of company stock valued at $23,337,924. 51.19% of the stock is currently owned by insiders.

DraftKings Trading Up 8.6%

DraftKings stock opened at $30.40 on Friday. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $15.09 billion, a PE ratio of -53.33, a price-to-earnings-growth ratio of 0.95 and a beta of 1.86. The firm has a 50 day simple moving average of $37.88 and a 200-day simple moving average of $39.40.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 21.47% 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 quarter last year, the company earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

DraftKings Company 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.