SRH Advisors LLC Has $328,000 Holdings in DraftKings Inc. $DKNG

SRH Advisors LLC raised its position in DraftKings Inc. (NASDAQ:DKNG) by 5.8% in the second quarter, HoldingsChannel reports. The fund owned 7,644 shares of the company’s stock after purchasing an additional 420 shares during the quarter. SRH Advisors LLC’s holdings in DraftKings were worth $328,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. DAVENPORT & Co LLC boosted its position in shares of DraftKings by 0.8% during the second quarter. DAVENPORT & Co LLC now owns 3,239,223 shares of the company’s stock valued at $138,930,000 after buying an additional 26,849 shares during the last quarter. MGO Private Wealth LLC bought a new stake in shares of DraftKings in the second quarter valued at $228,000. Elevate Capital Advisors LLC bought a new stake in shares of DraftKings in the second quarter valued at $662,000. QRG Capital Management Inc. raised its stake in shares of DraftKings by 2.1% during the 2nd quarter. QRG Capital Management Inc. now owns 73,151 shares of the company’s stock valued at $3,137,000 after purchasing an additional 1,539 shares during the period. Finally, Fortis Capital Advisors LLC bought a new stake in shares of DraftKings during the 2nd quarter valued at $535,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 1.4%

Shares of NASDAQ:DKNG opened at $35.37 on Monday. DraftKings Inc. has a 52-week low of $29.64 and a 52-week high of $53.61. The firm has a market capitalization of $17.56 billion, a P/E ratio of -54.42, a P/E/G ratio of 0.93 and a beta of 1.99. The stock has a 50 day moving average price of $44.25 and a 200-day moving average price of $39.81. 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 announced its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter in the prior year, the company earned $0.12 EPS. The business’s revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley reiterated an “overweight” rating and set a $52.00 price objective (up from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Benchmark decreased their target price on DraftKings from $53.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday. BTIG Research decreased their target price on DraftKings from $53.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. 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. Finally, Jefferies Financial Group set a $54.00 target price on shares of DraftKings in a research note on Thursday, August 21st. Twenty-six analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell 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 $53.89.

Insider Transactions 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 value of $2,006,715.70. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the completion of the transaction, the insider directly owned 4,190,233 shares of the company’s stock, valued at $179,760,995.70. This represents a 4.77% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 658,331 shares of company stock worth $29,285,365. 47.08% of the stock is owned by 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.