M & L Capital Management Ltd Invests $257,000 in DraftKings Inc. $DKNG

M & L Capital Management Ltd bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the second quarter, Holdings Channel reports. The firm bought 6,000 shares of the company’s stock, valued at approximately $257,000. DraftKings accounts for 0.1% of M & L Capital Management Ltd’s investment portfolio, making the stock its 20th biggest holding.

Other hedge funds also recently made changes to their positions in the company. OMNI 360 Wealth Inc. bought a new stake in DraftKings in the 2nd quarter valued at about $237,000. Kera Capital Partners Inc. bought a new stake in DraftKings in the 2nd quarter valued at about $319,000. AG2R LA Mondiale Gestion D Actifs bought a new stake in DraftKings in the 1st quarter valued at about $684,000. Militia Capital Partners LP raised its stake in DraftKings by 333.3% in the 1st quarter. Militia Capital Partners LP now owns 5,200 shares of the company’s stock valued at $173,000 after acquiring an additional 4,000 shares during the period. Finally, Addison Capital Co raised its stake in DraftKings by 1.5% in the 1st quarter. Addison Capital Co now owns 27,290 shares of the company’s stock valued at $906,000 after acquiring an additional 402 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

DKNG has been the topic of a number of research reports. Barclays restated an “overweight” rating and issued a $54.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Morgan Stanley restated an “overweight” rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Truist Financial upped their price target on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Wall Street Zen cut DraftKings from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Citigroup reiterated a “buy” rating on shares of DraftKings in a research report on Friday, July 11th. Twenty-four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.12.

DraftKings Stock Down 4.1%

DKNG stock opened at $43.98 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. The company’s 50 day moving average is $45.03 and its 200 day moving average is $39.66. The stock has a market cap of $21.83 billion, a price-to-earnings ratio of -67.66, a price-to-earnings-growth ratio of 1.09 and a beta of 1.73. DraftKings Inc. has a 1-year low of $29.64 and a 1-year high of $53.61.

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

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 158,331 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $39.00, for a total value of $6,174,909.00. Following the transaction, the insider directly owned 504,381 shares in the company, valued at approximately $19,670,859. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the transaction, the director owned 402 shares in the company, 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. Insiders sold 816,662 shares of company stock valued at $35,460,274 in the last 90 days. 51.19% of the stock is owned by company insiders.

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.