Resona Asset Management Co. Ltd. Buys 12,773 Shares of DraftKings Inc. $DKNG

Resona Asset Management Co. Ltd. raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 9.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 142,619 shares of the company’s stock after buying an additional 12,773 shares during the period. Resona Asset Management Co. Ltd.’s holdings in DraftKings were worth $6,117,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its position in 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 worth $621,030,000 after acquiring an additional 130,434 shares in the last quarter. Baillie Gifford & Co. lifted its stake in DraftKings by 26.5% during the first 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 boosted its holdings 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 in the last quarter. Eminence Capital LP increased its position in shares of DraftKings by 195.2% during the 1st quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after purchasing an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of DraftKings by 2,138.9% during the 1st quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock valued at $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.

DraftKings Price Performance

DKNG stock opened at $30.40 on Monday. The stock has a market capitalization of $15.09 billion, a price-to-earnings ratio of -53.33, a PEG ratio of 1.03 and a beta of 1.86. The firm’s 50-day moving average price is $37.88 and its two-hundred day moving average price is $39.48. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, November 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. DraftKings had a negative return on equity of 21.47% and a negative net margin of 4.90%.The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $29.00, for a total value of $1,530,533.00. Following the sale, the insider directly owned 500,454 shares in the company, valued at approximately $14,513,166. This trade represents a 9.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the business’s 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 $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 552,777 shares of company stock worth $23,337,924. Insiders own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and cut their target price for the stock from $48.00 to $35.00 in a research note on Tuesday, November 4th. UBS Group lowered their price objective on shares of DraftKings from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Stifel Nicolaus cut their price objective on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Sanford C. Bernstein decreased their target price on shares of DraftKings from $55.00 to $50.00 and set an “outperform” rating on the stock in a research report on Monday, November 3rd. Finally, Benchmark lowered their price target on shares of DraftKings from $43.00 to $37.00 and set a “buy” rating for the company in a research note on Friday. Twenty-six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.83.

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.