Avity Investment Management Inc. Acquires New Shares in DraftKings Inc. $DKNG

Avity Investment Management Inc. acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 6,025 shares of the company’s stock, valued at approximately $258,000.

Other large investors have also bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in DraftKings in the fourth quarter valued at about $25,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in DraftKings in the fourth quarter valued at about $28,000. FNY Investment Advisers LLC bought a new position in DraftKings in the first quarter valued at about $26,000. Smallwood Wealth Investment Management LLC bought a new position in DraftKings in the first quarter valued at about $27,000. Finally, GPS Wealth Strategies Group LLC raised its position in DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after purchasing an additional 564 shares during the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on DKNG shares. Stifel Nicolaus dropped their target price on DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Susquehanna reiterated a “positive” rating and issued a $64.00 target price on shares of DraftKings in a research report on Friday, August 8th. Sanford C. Bernstein assumed coverage on DraftKings in a research report on Wednesday, June 4th. They issued an “outperform” rating and a $46.00 target price for the company. Morgan Stanley restated an “overweight” rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Finally, Wall Street Zen downgraded DraftKings from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Twenty-four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.12.

DraftKings Price Performance

Shares of DKNG opened at $43.98 on Monday. DraftKings Inc. has a 1 year low of $29.64 and a 1 year 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 company has a market capitalization of $21.83 billion, a price-to-earnings ratio of -67.66, a price-to-earnings-growth ratio of 1.04 and a beta of 1.73. The business has a 50-day moving average of $45.03 and a 200-day moving average of $39.64.

DraftKings (NASDAQ:DKNG) last released its 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. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter last year, the firm posted $0.12 earnings per share. The firm’s revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the transaction, the insider owned 512,181 shares of the company’s stock, valued at $24,262,013.97. The trade was a 17.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ryan R. Moore sold 76,390 shares of DraftKings stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 816,662 shares of company stock valued at $35,460,274. Company insiders own 47.08% of the company’s stock.

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.