Teacher Retirement System of Texas Has $2.93 Million Stock Position in DraftKings Inc. $DKNG

Teacher Retirement System of Texas boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 6.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 68,248 shares of the company’s stock after acquiring an additional 4,106 shares during the quarter. Teacher Retirement System of Texas’ holdings in DraftKings were worth $2,927,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new position in shares of DraftKings in the second quarter worth about $15,363,000. Transcend Capital Advisors LLC bought a new position in DraftKings in the 2nd quarter valued at approximately $347,000. Envestnet Asset Management Inc. lifted its stake in DraftKings by 24.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 569,347 shares of the company’s stock valued at $24,419,000 after purchasing an additional 111,826 shares during the last quarter. Wealthfront Advisers LLC boosted its position in DraftKings by 5.1% in the second quarter. Wealthfront Advisers LLC now owns 7,630 shares of the company’s stock valued at $327,000 after buying an additional 367 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew its stake in shares of DraftKings by 136.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 18,350 shares of the company’s stock worth $787,000 after buying an additional 10,576 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 4,861 shares of the company’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the sale, the director owned 1,461 shares of the company’s stock, valued at approximately $63,129.81. This represents a 76.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated 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 sale, the insider owned 4,190,233 shares of the company’s stock, valued at approximately $179,760,995.70. The trade was a 4.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 605,554 shares of company stock valued at $26,515,100 over the last three months. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

DraftKings stock opened at $30.59 on Friday. The stock’s 50 day moving average is $39.74 and its 200 day moving average is $39.59. DraftKings Inc. has a one year low of $29.64 and a one year high of $53.61. The firm has a market cap of $15.19 billion, a P/E ratio of -47.06, a P/E/G ratio of 0.95 and a beta of 1.99. 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 released its quarterly 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. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The company’s revenue was up 36.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.12 EPS. DraftKings has set its FY 2025 guidance at EPS. As a group, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Analyst Ratings Changes

DKNG has been the topic of several recent research reports. UBS Group cut their price objective on DraftKings from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, September 24th. BTIG Research reduced their price target on DraftKings from $53.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Susquehanna cut their target price on shares of DraftKings from $64.00 to $59.00 and set a “positive” rating on the stock in a research report on Tuesday, October 14th. Finally, Deutsche Bank Aktiengesellschaft set a $47.00 price target on shares of DraftKings and gave the company a “hold” rating in a research report on Friday, August 8th. Twenty-seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.79.

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.