Sunpointe LLC Takes $640,000 Position in DraftKings Inc. $DKNG

Sunpointe LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,911 shares of the company’s stock, valued at approximately $640,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG purchased a new position in DraftKings during the fourth quarter worth about $25,000. FNY Investment Advisers LLC purchased a new position in DraftKings during the first quarter worth about $26,000. Smallwood Wealth Investment Management LLC purchased a new position in DraftKings during the first quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in DraftKings during the fourth quarter worth about $28,000. Finally, GPS Wealth Strategies Group LLC raised its holdings 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 purchasing an additional 564 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider R Stanton Dodge sold 105,554 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $47.37, for a total transaction of $5,000,092.98. Following the sale, the insider owned 512,181 shares in the company, valued at approximately $24,262,013.97. This trade represents a 17.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total transaction of $9,009,000.00. Following the sale, the insider owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. This trade represents a 4.77% 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 in the last 90 days. Insiders own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several analyst reports. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. JMP Securities cut their price target on shares of DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a report on Thursday, June 5th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the stock a “hold” rating in a report on Friday, August 8th. Jefferies Financial Group set a $54.00 price target on shares of DraftKings in a report on Thursday, August 21st. Finally, Citigroup reissued a “buy” rating on shares of DraftKings in a report on Friday, July 11th. Twenty-four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.12.

DraftKings Stock Up 0.1%

DKNG stock opened at $42.88 on Wednesday. DraftKings Inc. has a 12 month low of $29.64 and a 12 month high of $53.61. The company’s 50 day simple moving average is $45.09 and its 200-day simple moving average is $39.66. The firm has a market capitalization of $21.29 billion, a PE ratio of -65.97, a P/E/G ratio of 1.02 and a beta of 1.73. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.34 and a quick 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 analysts’ consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the business earned $0.12 earnings per share. DraftKings’s revenue was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. Equities analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Company 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.