Nvwm LLC Cuts Stake in DraftKings Inc. $DKNG

Nvwm LLC trimmed its stake in DraftKings Inc. (NASDAQ:DKNG) by 15.4% in the second quarter, Holdings Channel.com reports. The firm owned 16,378 shares of the company’s stock after selling 2,982 shares during the quarter. Nvwm LLC’s holdings in DraftKings were worth $702,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its stake in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock worth $621,030,000 after purchasing an additional 130,434 shares during the period. Baillie Gifford & Co. increased its holdings in shares of 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. Massachusetts Financial Services Co. MA raised its position in shares of DraftKings by 4.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company’s stock worth $235,746,000 after buying an additional 301,134 shares during the period. Eminence Capital LP boosted its holdings in DraftKings by 195.2% in the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after acquiring an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in DraftKings by 2,138.9% in the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $155,962,000 after acquiring an additional 4,486,488 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other news, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the completion of the sale, the insider directly owned 4,190,233 shares in the company, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $29.00, for a total value of $1,530,533.00. Following the completion of the transaction, the insider owned 500,454 shares in the company, valued at approximately $14,513,166. This trade represents a 9.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 552,777 shares of company stock worth $23,337,924 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Up 8.6%

NASDAQ DKNG opened at $30.40 on Friday. 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 Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The business has a 50 day moving average price of $37.88 and a two-hundred day moving average price of $39.40. The stock has a market cap of $15.09 billion, a PE ratio of -53.33, a P/E/G ratio of 0.95 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.60) EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on DKNG. Sanford C. Bernstein dropped their price target on DraftKings from $55.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. BMO Capital Markets decreased their target price on DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Tuesday. Benchmark dropped their target price on shares of DraftKings from $43.00 to $37.00 and set a “buy” rating for the company in a research report on Friday. Wall Street Zen lowered shares of DraftKings from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Finally, Barclays reaffirmed an “overweight” rating and set a $54.00 price target (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Twenty-six analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.83.

DraftKings 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.