International Assets Investment Management LLC Takes Position in DraftKings Inc. $DKNG

International Assets Investment Management LLC acquired a new stake in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, Holdings Channel.com reports. The fund acquired 10,000 shares of the company’s stock, valued at approximately $429,000.

A number of other institutional investors have also modified their holdings of the company. T. Rowe Price Investment Management Inc. grew its stake in shares of DraftKings by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company’s stock valued at $621,030,000 after buying an additional 130,434 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock valued at $278,640,000 after buying an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in DraftKings by 4.4% during 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 in the last quarter. Eminence Capital LP grew 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 purchasing an additional 3,423,909 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in DraftKings by 2,138.9% during 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 in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several analyst reports. Citigroup reissued a “neutral” rating on shares of DraftKings in a research note on Wednesday, October 1st. JMP Securities lowered their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the stock a “hold” rating in a research note on Friday, August 8th. UBS Group lowered their target price on DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, September 24th. Finally, Northland Capmk cut DraftKings from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, October 1st. Twenty-seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, DraftKings currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.

Insider Buying and Selling at DraftKings

In other news, CFO Alan Wayne Ellingson sold 44,693 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total transaction of $2,006,715.70. Following the completion of the transaction, the chief financial officer directly owned 128,131 shares of the company’s stock, valued at approximately $5,753,081.90. This represents a 25.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was 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 of the company’s stock, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 605,554 shares of company stock worth $26,515,100. 51.19% of the stock is currently owned by company insiders.

DraftKings Trading Up 3.2%

NASDAQ:DKNG opened at $34.70 on Thursday. 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 quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $17.23 billion, a P/E ratio of -53.38, a P/E/G ratio of 0.84 and a beta of 1.99. The stock has a 50-day simple moving average of $41.64 and a 200-day simple moving average of $39.61.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. The firm 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 firm’s revenue was up 36.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 EPS. 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 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.