Elevate Capital Advisors LLC Acquires Shares of 15,430 DraftKings Inc. $DKNG

Elevate Capital Advisors LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,430 shares of the company’s stock, valued at approximately $662,000.

Several other large investors have also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. raised its position in shares of DraftKings by 0.7% in the 1st 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 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 worth $278,640,000 after purchasing 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 purchasing an additional 301,134 shares during the last quarter. Eminence Capital LP raised its position in shares of DraftKings by 195.2% in the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after purchasing an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of DraftKings by 2,138.9% in the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after purchasing an additional 4,486,488 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. JMP Securities lowered their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. assumed coverage on DraftKings in a research report on Monday, June 23rd. They issued an “overweight” rating and a $50.00 price target for the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $52.00 price target (up previously from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Citigroup reissued a “neutral” rating on shares of DraftKings in a research report on Wednesday. Finally, Jefferies Financial Group set a $54.00 target price on DraftKings in a research report on Thursday, August 21st. Twenty-six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.89.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $35.37 on Friday. The business has a 50-day simple moving average of $44.25 and a two-hundred day simple moving average of $39.79. The firm has a market cap of $17.56 billion, a price-to-earnings ratio of -54.42, a price-to-earnings-growth ratio of 0.91 and a beta of 1.99. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two 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.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.39 billion. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The business’s quarterly revenue was up 36.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. On average, analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of the business’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. The trade was a 4.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $44.90, for a total value of $2,006,715.70. Following the sale, the chief financial officer owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 658,331 shares of company stock worth $29,285,365. 51.19% of the stock is owned by corporate insiders.

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.