Wedbush Securities Inc. Acquires 2,306 Shares of DraftKings Inc. $DKNG

Wedbush Securities Inc. raised its holdings in DraftKings Inc. (NASDAQ:DKNG) by 33.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 9,144 shares of the company’s stock after acquiring an additional 2,306 shares during the quarter. Wedbush Securities Inc.’s holdings in DraftKings were worth $392,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. T. Rowe Price Investment Management Inc. increased its position in shares of 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 valued at $621,030,000 after acquiring an additional 130,434 shares during the last quarter. Baillie Gifford & Co. raised its stake in shares of DraftKings by 26.5% during the 1st 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 in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of DraftKings by 4.4% during 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 holdings in DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock worth $171,964,000 after buying an additional 3,423,909 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company’s stock worth $155,962,000 after acquiring an additional 4,486,488 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of analyst reports. Zacks Research downgraded shares of DraftKings from a “hold” rating to a “strong sell” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. cut their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday. BTIG Research lowered their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. JMP Securities dropped their price objective on DraftKings from $54.00 to $51.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Finally, Susquehanna reduced their target price on DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a research note on Monday. Twenty-six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $48.66.

Insider Buying and Selling

In related news, CFO Alan Wayne Ellingson sold 44,693 shares of the business’s 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 sale, the chief financial officer directly owned 128,131 shares in the company, valued at approximately $5,753,081.90. The trade was a 25.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harry Sloan purchased 25,000 shares of DraftKings stock in a transaction that occurred on Tuesday, November 11th. The shares were bought at an average cost of $30.30 per share, for a total transaction of $757,500.00. Following the transaction, the director directly owned 249,712 shares of the company’s stock, valued at $7,566,273.60. This represents a 11.13% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 337,916 shares of company stock valued at $14,118,881 in the last quarter. Corporate insiders own 47.08% of the company’s stock.

DraftKings Stock Down 0.1%

DKNG opened at $30.50 on Wednesday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.34 and a current ratio of 1.10. The stock has a fifty day moving average of $37.18 and a 200-day moving average of $39.43. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The company has a market capitalization of $15.18 billion, a P/E ratio of -53.51, a P/E/G ratio of 1.02 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.60) earnings per share. DraftKings has set its FY 2025 guidance at EPS. On average, equities analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

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.