Vestmark Advisory Solutions Inc. Buys 72,908 Shares of DraftKings Inc. $DKNG

Vestmark Advisory Solutions Inc. increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 90.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 153,340 shares of the company’s stock after purchasing an additional 72,908 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in DraftKings were worth $6,577,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its holdings 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 buying an additional 130,434 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after acquiring an additional 1,756,778 shares during the period. 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 valued at $235,746,000 after acquiring an additional 301,134 shares during the period. Eminence Capital LP boosted its stake in DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after acquiring an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in DraftKings by 2,138.9% during the first 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 during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on DKNG shares. Benchmark lowered their target price on shares of DraftKings from $43.00 to $37.00 and set a “buy” rating for the company in a research note on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of DraftKings in a research report on Wednesday, October 8th. Susquehanna reduced their target price on DraftKings from $64.00 to $59.00 and set a “positive” rating on the stock in a report on Tuesday, October 14th. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday. Finally, Truist Financial lowered their price target on DraftKings from $55.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, October 21st. Twenty-six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.83.

Insider Transactions at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the sale, the director directly owned 1,461 shares of the company’s stock, valued at $63,129.81. The trade was a 76.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Matthew Kalish sold 210,000 shares of the 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 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 552,777 shares of company stock worth $23,337,924. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 8.6%

NASDAQ DKNG opened at $30.40 on Friday. DraftKings Inc. has a 52 week low of $26.23 and a 52 week high of $53.61. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.34 and a current ratio of 1.34. The stock’s 50 day moving average price is $37.88 and its two-hundred day moving average price is $39.40. The stock has a market capitalization of $15.09 billion, a price-to-earnings ratio of -53.33, a PEG 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 business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 21.47%. DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, analysts anticipate that DraftKings Inc. will post 0.64 earnings per share 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.