Krilogy Financial LLC Buys New Stake in DraftKings Inc. $DKNG

Krilogy Financial LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,176 shares of the company’s stock, valued at approximately $822,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of DraftKings in the fourth quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the fourth quarter worth $28,000. FNY Investment Advisers LLC purchased a new position in DraftKings during the first quarter worth $26,000. Smallwood Wealth Investment Management LLC purchased a new position in DraftKings during the first quarter worth $27,000. Finally, GPS Wealth Strategies Group LLC boosted its stake in DraftKings by 197.9% during the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock worth $28,000 after buying an additional 564 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other DraftKings news, CFO Alan Wayne Ellingson sold 44,693 shares of DraftKings stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $44.90, for a total value of $2,006,715.70. Following the transaction, the chief financial officer owned 128,131 shares in the company, valued at $5,753,081.90. The trade was a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares in the company, valued at $63,129.81. This trade represents a 76.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 658,331 shares of company stock valued at $29,285,365 over the last three months. Corporate insiders own 47.08% of the company’s stock.

DraftKings Price Performance

DKNG opened at $42.88 on Wednesday. The business’s 50-day moving average is $45.09 and its two-hundred day moving average is $39.66. 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 firm has a market capitalization of $21.29 billion, a PE ratio of -65.97, a price-to-earnings-growth ratio of 1.02 and a beta of 1.73.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the previous year, the firm earned $0.12 earnings per share. The firm’s quarterly revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Sanford C. Bernstein assumed coverage on shares of DraftKings in a research note on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price objective for the company. Stifel Nicolaus dropped their price objective on shares of DraftKings from $53.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Susquehanna reaffirmed a “positive” rating and set a $64.00 price objective on shares of DraftKings in a research note on Friday, August 8th. Citigroup reiterated a “buy” rating on shares of DraftKings in a research report on Friday, July 11th. Finally, Barclays reiterated an “overweight” rating and set a $54.00 target price (up from $51.00) on shares of DraftKings in a research report on Friday, August 8th. Twenty-four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, DraftKings has an average rating of “Moderate Buy” and an average price target of $55.12.

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.